Bishop & Reidy, P.C.
Experienced Legal Counsel Call us today: 888-812-2610 | 617-934-5039 or request an appointment onlinearrow

Prenuptial agreements still a good practice

The Supreme Court's recent decisions regarding homosexual couples right to marry have opened the door for more people to rush to the altar. Here in Massachusetts and across the country, same-sex partners may now be seriously considering whether marriage is right for them and what steps they should take to enact such a union.

A recently convened panel of financial and relationship professionals recommends that same-sex couples consider entering into prenuptial or premarital agreements in order to protect their assets and wealth. How the law treats a married couple versus a couple in a legal domestic partnership may be different and can lead to different distributions of assets if the couple splits up.

Just as it does for heterosexual couples, marriage impacts how same-sex couples file their taxes and how they may access their spouses' health care insurance. Planning ahead for how important financial matters will be handled can help same-sex couples avoid costly adjustments later in their marriages or during divorce proceedings.

Though this story is tailored to same-sex partners, all couples planning to marry can benefit from the sound advice offered by the panel. Taking the time to make sure all emotional, financial and personal obligations are managed prior to marriage can help all couples avoid the arguments that sometimes erode marital foundations.

Despite their unromantic stigma, premarital agreements are an effective tool for managing just these obligations. By laying out each partner's intentions regarding financial and property divisions in the event of a split prior to the wedding, all couples can have a better understanding of their future spouses' beliefs and practices toward money matters.

Source: USA Today, "Gay couples advised to carefully weigh whether to wed," Barrett Newkirk, July 25, 2013