What are the financial implications of a civil union?

Civil unions in California can have financial implications. This is because a civil union is considered a legal status and as such, it offers protection for couples with regards to their finances. For example, a civil union may entitle both partners to the same insurance coverage, financial benefits such as Social Security, and tax deductions that would otherwise be unavailable without a civil union. The civil union also allows both partners to make medical decisions for the other partner in the event that one partner is incapacitated. Another financial implication may include inheritance and estate planning. Since civil unions are legally recognized, couples are able to decide who would inherit property and other assets, who will have the right to make decisions about burial, and who would have the right to make decisions about the estate in the event of a death. Other financial implications that may arise include the ability to make decisions about how a joint bank account will be managed, who will pay the bills, who will be responsible for debts, and who will be the beneficiary in the event of a death. Many of these decisions can be made in a will or through a power of attorney, but it is important to remember that civil unions provide an extra layer of protection for couples. In conclusion, civil union laws in California can have financial implications that couples should consider. Financial protection, inheritance planning, and estate planning are all important aspects of a civil union and should be considered by those contemplating a civil union.

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