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Older same-sex couples and prenuptial agreements

Until this year, marriage was not available to same-sex couples here in Texas. So, there may be many older same-sex couples in the state who are now looking at getting married.

Older same-sex couples can be in a very different financial situation going into a marriage than younger couples. For one, older individuals have had more time in life to build up assets and debts. Thus, older individuals can have particularly large and complex asset and debt portfolios. So, when going into a marriage, one thing an older same-sex couple may want to do is set clear expectations regarding what will happen with the debt and assets they bring into the marriage if they were to later divorce.

Also, older individuals may have more developed plans for what they want to do with their assets in the future, such as plans for supporting loved ones or charities. When going into a marriage, an older same-sex individual may care greatly about preserving their ability to follow through on these plans. 

The above issues are among the reasons why older same-sex couples may want to consider entering into a prenuptial agreement prior to getting married. Such agreements can specify how certain assets and debts would be dealt with in the event of a divorce and can be used as a way to set up safeguards for preventing a possible future divorce from derailing one's financial plans and goals. 

Family law attorneys can help individuals, both young and old, who will be entering into a same-sex marriage with understanding what sorts of things can be done in a prenup and can provide them with guidance on forming a prenup if they wish to have such an agreement.  

Source: CNBC, "Older and engaged? Here are 5 considerations before marrying," Anna Robaton, Dec. 14, 2015

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