What are the financial implications of a civil union?

When deciding to enter into a civil union, one must consider the financial implications that come with it. A civil union is a legally recognized relationship with similar rights to a married couple. Washington State recognizes civil unions and provides the same rights as marriage to those who enter and register in a civil union. When two people enter a civil union, they are allowed to combine their finances, if they so choose. This can include pooling resources, sharing joint accounts, and filing taxes jointly. This can bring financial benefits such as splitting the cost of living or sharing medical bills. Additionally, when one partner dies, the other partner will inherit the deceased partner’s estate without having to pay any additional taxes. Like marriage, civil unions also carry certain financial obligations. If one partner files for bankruptcy, the debts may become the responsibility of the other partner. Likewise, if one partner enters a contract, the other partner may be held responsible for any fees or obligations, depending on the contract. When considering a civil union, it is important to have a full understanding of the financial implications that may accompany the relationship. This understanding can help to protect both partners financially and provide them the peace of mind that comes with knowing the rights and obligations that are associated with a civil union.

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