Love is in the air, and you and your partner have decided to take the big step of getting married. While you get caught up in the excitement of planning your wedding, you might overlook one important aspect that can secure your future: a prenuptial agreement. Though it may not sound romantic, having a prenuptial agreement can bring a lot of benefits, especially for LGBT couples.
While it has not always been the case, everyone can get married thanks to marriage equality laws. With this new reality come new complexities, and LGBT couples must consider protecting their interests with a prenuptial agreement.
Protection of individual assets
A prenuptial agreement allows you to define what you consider ‘separate property’, which refers to the assets you bring into the marriage. If you have significant assets, a business or stand to receive an inheritance, a prenuptial agreement can protect those assets from division in the event of a divorce.
For LGBT couples, who often marry later in life, this can be particularly beneficial. You may have already built a significant amount of wealth or become established in your career, and a prenuptial agreement can ensure that these assets remain yours.
Clarity in legal matters
In the case of a divorce, it can become challenging to navigate through the division of property, finances and even debt. A prenuptial agreement can help outline the terms of the division, providing clarity and minimizing potential disputes.
Given that LGBT couples could not marry until recently, you may have co-owned property or shared financial responsibilities while unmarried. A prenuptial agreement can help clarify these arrangements and ensure that both parties receive a fair settlement in the divorce.
While discussing a prenuptial agreement may not feel like the most romantic pre-wedding activity, the benefits it offers can significantly outweigh any temporary discomfort. As you prepare to start your married life, remember that a prenuptial agreement does not indicate a lack of trust or love – instead, it serves as a sensible step to safeguard your individual and joint future.