Many people misunderstand prenuptial agreements and view them as a cynical move by one partner to ensure the person they are about to marry does not get their hands on their assets should they divorce. Yet, a prenuptial can be positive for both parties. It can separate feelings from finance and reduce the chance your relationship ends in a bitter dispute about money.
If you lived together as a same-sex couple since before marriage was legal, you probably share ownership of many things. Yet, because the law defines marital property as assets acquired since you marry, there is no clear rule on splitting your shared pre-marriage items in a divorce. You can use a prenuptial to lay out a fair division for both of you.
Why is it worth doing for same-sex couples?
While each couple is unique, there are a few other reasons why a prenuptial can be especially useful in same-sex marriage:
- Same-sex couples can potentially earn more: According to the 2019 census, you are likely to have a higher household income than a heterosexual couple. Perhaps because you are also less likely to have children, so you have had more time to concentrate on your careers. Not having children can also help you save money rather than spend it, so you may have more at stake financially than most couples in a divorce.
- On the opposite end, you may have children from a previous relationship. Some spouses end up finding out about their sexuality after being in a heterosexual marriage and having a kid from it, and some adopt a child prior to their marriage. If you followed either of those paths, getting married to someone new does not make your children any less important to you. You can use a prenuptial agreement to ringfence certain items, such as a business you own, to ensure that your children can still benefit from them.
A prenuptial agreement can help you clarify specific issues from the outset. You don’t know what direction your relationship may end up taking, so it’s important to be prepared just in case it doesn’t not work out.