The sometimes dreaded ‘conversation’ regarding a prenuptial agreement is seen as a very unromantic start to a marriage, but taking steps to protect yourself and your family in the event of a divorce could not be more important. With the legalization of same-sex marriage in Illinois, gay couples now have cause to consider a premarital agreement too.
There are many same-sex couples that have been together for a number of years prior to marrying, acquiring assets along the way such as homes, cars, art or other property. However, in the event of a divorce, a judge may only consider the assets acquired during the ‘legal marriage’ as ‘marital assets’ subject to equitable distribution. This can result in a fair amount of indigestion when assets are divided based on a two-year-marriage when, in-reality, you and your partner may have been acquiring ‘stuff’ for 20 years prior to a legal marriage. Armed with a prenup, you and your partner can decide how you want your assets to be divided if your marriage ends in divorce.
Not every state is recognizing the validity of same-sex marriage. Another reason to consider a prenup is the possibility that the marriage could end when one or both partners are living in a state that doesn’t recognize same-sex marriage. The rights you and your partner may enjoy in Illinois, for example, may be void in another state. If you and your partner have a child, custody and support could become a sticky issue in the absense of same-sex marriage laws in a different state. A prenuptial agreement could potentially address many of these problems by specificaly outlining how a change in resident status will be factored into a divorce with regard to finances and child custody.
Discussing a prenuptial can be awkward for all couples – same-sex and heterosexual partners alike. However, not having a plan in place can wreak havoc on your financial security, and possibly leave your children in a lurch. If you are considering executing a prenuptial agreement and would like more information, contact the Law Offices of Ronald L. Bell, PC. for help.
Source: Wall Street Journal, “Same Sex Marriage: Consider a Prenup”, by Karen Damato, accessed December 29, 2014.