June 26, 2016
Consumer Reports quoted Partner Janis Cowhey in an article about how same-sex marriage has changed couples' finances.
By Tobie Stanger
When the Supreme Court legalized same-sex marriage nationwide on June 26 of last year, many others also got access to financial benefits that only heterosexual married couples previously enjoyed. Likewise, their marriages have also led to new financial challenges in some cases, including being subject to what's sometimes known as the "marriage penalty" tax.
Janis Cowhey, a partner and co-leader of the Modern Family and LGBT Services Practice Group at the Marcum Group, an accounting and advisory firm in New York City, says one newly married couple even contemplated divorce when they saw how much more tax they'd pay filing jointly. "They said, 'We've been together 25 years, let’s just go back to the way we were,'" she recalls.