Yes. Everyone should get a prenuptial agreement in place prior to marriage. Whether protecting assets, small or family owned businesses, or to minimize the issues to contest in the event of a divorce, a prenuptial agreement is a very good place to begin.
Gay marriage is not different from straight marriage. LGBTQ couples have questions about marriage, divorce, separation, custody, child and spousal support, division of assets, estate planning, probate and inheritance. If there is a second marriage or later in life marriage, there are other additional considerations:
- Are both spouses going to continue to work?
- Are the spouses earning similar incomes and saving/investing for retirement?
- Are their ages and anticipated retirement dates the same?
- What if we have children and one party stays home to care for them?
- What if one party has family trust, business or inheritance?
- What if one party owns a small business?
All of the above are good reasons to plan in the event that the marriage does not last until death. Additionally, a prenuptial agreement may also spell out rights of inheritance if the marriage does survive and leads to estate planning issues. This is more important if the either or both parties have children from prior relationship(s).
For advice on planning from a professional with a 25 year history dealing with LGBTQ issues, contact Michael Bouldin at Bouldin Law Firm by calling 859-581-6453.