Minnesota residents may have noticed that prenuptial agreements have been in the news a lot lately. That's because these legal documents are recommended for those who want to get married but don't want to lose certain assets in a divorce. Because Minnesota recognizes gay marriage, there are many same-sex couples who may be thinking about entering a marriage. Should they consider prenuptial agreements as well?
Experts say yes, especially if the couples have been together for quite some time. During their time together, couples tend to accumulate assets that they may not want to lose in a divorce. A prenup can help address this issue as well as many others.
Since many same-sex couples have children through adoption or a previous relationship, prenuptial agreements can straighten out child custody issues. These agreements can also dictate which assets the surviving spouse should acquire upon the other spouse's death.
Granted, not everyone is on board with prenups. Many older couples might find them unromantic, especially at the most romantic time of their lives - their engagement and upcoming wedding. While this may be true, a person's financial future is very important. Without a prenuptial agreement, a person could stand to lose a big chunk of everything he or she has worked so hard to earn.
Prenuptial agreements offer many benefits to all types of couples - gay or straight. They help couples understand what to expect should they divorce, and they can help minimize disputes. They can be created with a person's unique situation in mind so they can protect assets and possibly give the assets to children or other loved ones rather than a spouse.
Source: Indy Star, "Experts' advice to same-sex couples planning to marry: Get a prenup," Kristine Guerra, Nov. 3, 2014