Saturday, July 16, 2016

Same-sex Marriage: Do You Need a Prenuptial Agreement?

It’s been a little over a year since the Supreme Court passed the landmark civil rights decision in favor of same-sex marriage in Obergefell v. Hodges. For thousands of gay couples who have lived together for years, bought homes, raised their families and become involved in their communities, the decision was a long-overdue recognition of basic human rights.

While the Obergefell ruling was a cause for celebration, it’s important that couples be thoughtful about making the decision to get married. Just because they now have the opportunity to marry doesn’t necessarily mean that marriage is the right decision.

Something interesting’s happening here: Fewer cohabitation agreements since legalization

Before legalization of same-sex marriage, many partners contemplating a long-term cohabitation relationship–especially those with considerable assets–would often create detailed cohabitation agreements to protect those assets.
Yet a recent American Association of Matrimonial Lawyers survey found that 70% of respondents noted a decrease in cohabitation agreements between same-sex partners since marriage has been legalized. This is a significant decrease in just one year and seems to indicate that those couples who were cautious about protecting their assets as they entered into cohabitation agreements are less cautious when it comes to marriage.
Ironically, once marriage was legalized, as the data is showing, couples are marrying without much thought to formalizing the same issues that they carefully documented when they began their live-in relationship many years before.

In same-sex marriage world, Prenuptial Agreements replace cohabitation agreements

Gay couples contemplating marriage should be cautious and thoughtful, making sure that they’re marrying for the right reasons—not just because they now can. They should think seriously about whether a Prenuptial Agreement is advisable—marriage is a contract that comes with emotional and financial responsibilities for every couple—regardless of sexual orientation.

Read other California Document Preparers’ blogs about Prenuptial Agreements

Are you getting married and contemplating a Prenuptial Agreement? An increasing number of couples, especially those who are older and have accumulated assets, are making prenups an important part of their wedding planning. The California Document Preparers team helps you through every step.

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