LGBTQ Prenups: How to Gain Confidence in Your Future

The Importance of an LGBTQ Prenup

You love each other. You have a long life planned together. Nothing should matter beyond that, right? Yet, from taxes to property ownership, the legal aspects of being married do matter. As you plan your future together, consider why LGBTQ prenup agreements could be incredibly important.

These prenups work in the same way for same-sex couples and heterosexual couples. However, they can be particularly beneficial to LGBTQ couples for a number of reasons:

• Many people enter relationships later in life after having established financials and assets.
• Legal recognition of your relationship may change in the future, which could make all you worked for during your relationship confusing to divide if there ever should be a reason to do so.
• Inheritance decisions could also be a factor. With a prenup, there’s clarity on how assets will pass from parents to adopted children after death.
• Many same-sex couples make the incredible decision to adopt. A prenup could help to solidify that decision no matter how your relationship is seen later from a legal standpoint.

From these focus areas, it may be clear that having this type of document in place could play a key role in your future peace of mind. Even if you and your partner have a clear understanding and a long list of discussions on key topics, having an LGBTQ prenup in place makes sure the law recognizes those rights, too. 

As times change and differences in rules adjust to both federal and state political standpoints, it’s clear you need a document in place that can give you peace of mind.

Key Factors to Consider in LGBTQ Prenups in Modern Times

No matter what the future holds from a legal standpoint in your state or on a federal level, you can safeguard a variety of factors through a prenup. With help from an attorney, you can create a prenup that clearly outlines your objectives and goals and ensures your wishes and those of your soon-to-be spouse are fully understood.

It’s also important to note that if you are already in the middle of your married life, a post-nuptial agreement can help accomplish many of these same objectives.

Clarify Financial Responsibilities and Expectations

One of the considerations for a prenup in this situation is to outline financial responsibilities to each other. Who will manage finances? Will there be a joint account? What type of structured framework will withstand any dissolution of your legal relationship? A prenup can outline various scenarios, including factors such as one partner staying home with children or others pursuing professional growth. The key here is to have a conversation about how you expect these decisions to play a role later.

Safeguarding Assets and Earnings

It is also important to have a plan in place to safeguard your individual assets and future earnings. Many times, a prenup like this helps to determine what happens to wealth and property down the road. However, in situations where you are concerned about your rights should your legal recognition of being married be stripped away, there are complications to think about.

Talk about your objectives and goals openly and honestly with each other. Carefully consider what you believe is ideal for both of you. Enter into a prenup that protects what you worked hard to build and still gives you the freedom to live your future the way you desire, even if that changes.

Investments

Another area to think about including in your prenup is investments. That includes your stocks and portfolio of assets. You also want to discuss differences in previously owned investments as well as those you built during your relationship.

Business Interests

Another core factor to add to your prenup is your business interests and any limitations or inclusions related to them. If you both start a business together, no matter what occurs, you could see split ownership. However, in situations where your relationship does not work out, your prenuptial agreement could help determine how the business is valued.

The key here could be determining what happens if both parties own the business or if it is just one person’s business. You may also want to consider when the business started and long-term objectives, such as passing the business to children.

Other Factors to Think About

In crafting an LGBTQ prenup, also take into consideration:

• Property owned prior to and during the relationship
• Inheritance rights for those who will receive or expect to receive inheritance
• Alimony and spousal support considerations
• Debt allocation
• Other factors important to each of you and your long-term objectives together.

Navigating this process is certainly challenging when times are so uncertain. While a prenup does not eliminate all risks, it can give you peace of mind that, no matter what the future holds from a legal standpoint, you know what your rights are. The prenup provides you with a blueprint for your financial life together and helps facilitate open and honest discussions, even when they may be hard.

Let Neptune Help You Get the Process Started

Utilizing Neptune will give you the insights you need to know what your rights are and, most importantly, the confidence to create a prenup that allows you to have some peace of mind. You don't have to feel overwhelmed and you don’t have to be afraid of having these tough conversations. 

Start working with Neptune today, get matched with a lawyer, and then execute a prenup that resounds with you and gives you the confidence you need to build a solid and honest future with your partner.