Do LGBTQ+ Couples Need a Prenuptial Agreement?

 Posted on May 25,2023 in Family Law

Over the past decade, the number of LGBTQ+ couples who have chosen to get married has increased significantly. However, just like any other couple, an LGBTQ+ couple may face problems in their marriage that could lead to a separation or divorce. While the same laws apply to same-sex couples or other LGBTQ+ partners as in "traditional," opposite-sex marriages, there are a few unique issues that can arise in these situations. Because of this, it may be beneficial for LGBTQ+ couples to consider a prenuptial agreement. By discussing these issues with an attorney who is experienced in LGBTQ+ family law matters, couples can understand their options and the steps they can take to protect themselves.

Understanding Prenuptial Agreements

A prenuptial agreement is a contract made by a couple before their marriage. This agreement will address how certain matters will be handled if the couple chooses to get a divorce in the future. In general, a prenup can make decisions about the distribution of the couple's assets, and it may also address other financial matters, such as the allocation of debts or the payment of spousal support.

Benefits of a Prenuptial Agreement

Here are a few reasons why LGBTQ+ couples may want to consider a prenup:

• Financial protection: A prenuptial agreement will typically decide how certain assets will be divided in a divorce or separation. By making these decisions ahead of time, a couple can make sure each partner will have the financial resources they need in the future. This can also ensure that property acquired during a couple's relationship but before they were able to be legally married will be divided correctly. At the same time, a prenup can protect the property that either party has brought into the marriage, ensuring that assets such as investments or real estate will not lead to messy disputes.

• Protection for children: In situations where one partner has children from a previous relationship or where only one partner is the legal parent of a child, a couple may use a prenuptial agreement to make sure children will have the necessary resources. They may agree to set aside certain assets for children rather than dividing these assets in a potential divorce.

• Savings: With a prenup in place, a couple may be able to avoid lengthy and costly court battles in the event of a divorce. By making decisions ahead of time about how certain matters will be handled, they may be able to resolve divorce-related issues more easily and complete the process with minimal time and expense.

• Address ongoing financial issues: In addition to addressing how matters will be handled in the case of a divorce, a prenup can establish guidelines for how financial issues will be addressed during a couple's marriage. By setting down rules and expectations for who will own and control certain assets and how financial decisions will be made, a couple may be able to avoid disputes that could potentially lead to the breakdown of their marriage. This can ultimately strengthen the relationship and bring a couple closer together.

Putting a prenuptial agreement in place is not an indication of a couple's lack of trust or love for one another. It is merely a way of protecting and securing their union. With an agreement that meets the needs of both partners, a couple can make sure they will be prepared for whatever may happen in the future.

Contact Our Homewood LGBTQ+ Prenuptial Agreement Lawyers

If you are in an LGBTQ+ relationship, and you are planning to get married, it is a good idea to consider whether a prenuptial agreement may be beneficial for you and your partner. At The Foray Firm, our Joliet LGBTQ+ family law attorneys can help you understand your options, and we will work with you to create an agreement that will provide the protections you and your partner need. Contact us at 312-702-1293 to set up a consultation and learn more about how we can assist with prenups or other LGBTQ+ family law issues.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59