The Effects of Same-Sex Marriage on Real Estate
The Supreme Court of the United States made history on June 26, 2015 by legalizing same-sex marriage in all 50 states. With same-sex marriages now legal and recognized nationwide, the housing market has changed significantly.
Some of the major differences include:
· Tenancy by entirety is available providing greater protection against creditors
· Tax on every dollar of profit is increased to $500,000 versus $250,000 for individuals
· VA loans are now available to spouses of veterans in same-sex marriages
Before this ruling, gay couples were unable to legally wed and therefore were restricted from reaping the benefits many married couples have. For example, VA loans were only available to legal spouses of deceased servicemen and servicewomen. Now, however, since the official definition of marriage has been redefined, gay married couples will be eligible for these same benefits.
Redefining marriage in America has opened up a world of potential to all married couples in our nation. Homeownership and its benefits are now more accessible to all.
Call today to learn more about how this ruling could impact your dream of home ownership.