Society has made it difficult for same-sex couples to tie the knot for far too long. As a result, many have never even considered the idea of a prenuptial agreement. However, times have changed, and same-sex marriage is now legal in all 50 states. LGBTQ couples considering marriage may want to protect their hard-earned assets with a prenuptial agreement.
What are prenuptial agreements for?
Prenuptial agreements or prenups are written contracts that couples sign before marriage or a civil union. Prenups outline each party’s assets and liabilities, allowing the couple to set rules over what happens to it upon marriage and in the event of divorce.
Though prenups have earned a bad reputation due to the media’s representation, there is more to it than financial protection. In addition to safeguarding each party’s assets, it may encourage responsible financial planning, open communication and transparency and shield each person from the other’s debts. Moreover, it can help minimize any toxic arguments over assets during divorce.
How can prenuptial agreements benefit same-sex couples?
It’s common for LGBTQ couples to spend several years together before deciding to get married. Often, this is due to fear of discrimination from family, friends, and colleagues. During this time, couples may accumulate shared assets, such as a joint bank account, a home or a car, to help manage their expenses and budget together.
LGBTQ couples may have more at stake if the marriage doesn’t work out. Any assets acquired during their long-term relationship may be categorized as separate property, making it difficult to divide in case of a divorce. On the contrary, a prenup helps make a smooth, fair and amicable divorce possible, should it become necessary.
Deciding to draft a prenuptial agreement is a very personal decision that entails honest communication between both parties. Couples who are still undecided, skeptical over its benefits or who have any concerns may reach out to an attorney.