On Friday, the Supreme Court ruled legalized same-sex marriage, making an emotional victory for the LGBT community.

The Supreme Court ruled on Friday that the US Constitution provides same-sex couples the right to marry. Here is how the ruling will give financial benefits to the LGBT community.

Previously, couples living in states that didn't recognize same-sex unions could not collect a spousal benefit on Social Security. But now all sex-same couple can access Social Security spousal benefits. This would allow them to not only claim benefits on their own work history, but on the work history of your spouse too.

For the first time, same-sex couples have the option to file their federal tax returns either using ‘married filing separately’ or ‘married filing jointly’.

Lule Demmissie, managing director of retirement at TD Ameritrade said that marriage equality would essentially equalize the estate/gift tax benefits. Married couples would now be exempted from gift tax, which is given when money is given to someone you are not married to.

The married same-sex couples would now also be eligible to pass any unused estate tax exemption, as well as any gift tax exemption, to a surviving spouse.

A same-sex partner will now be recognized as a legal spouse for benefit purposes on retirement plans. In terms of healthcare, same-sex couples will be able to be on their partners’ health insurance plans.

Although, financial benefits of same-sex marriage are huge, there may be some drawbacks, particularly when it comes to taxes and financial aid.