How to financially prepare for a same-sex marriage

Same-sex marriage is again legal in Indiana. And with the ruling comes some interesting dynamics. Since I tend to have more questions than answers I had attorney Jim Reed of Bingham Greenebaum Doll on The Pete the Planner Radio Show this week to discuss the issue.

Talking to Jim reminded me of a time, many years ago at the beginning of my career, when I gave a workshop to same-sex couples to help them work through the legal and financial complexities they faced because of their relationship. I’m excited that we are getting closer and closer to that workshop being entirely unnecessary. But until then, there are still some issues same-sex couples need to be aware of and prepare for.

First and foremost, the probability of the ruling being overturned again is slim, but it’s still a possibility. The best way to prepare for the future is to have a premarital agreement. This agreement can help you ride through any issues with the legality of your marriage. And not to be cynical, but where there is marriage, there is the chance of divorce. Currently, same-sex divorces are limited to states which recognize same-sex marriages, but if you want to get divorced you’ll find a way, and that’s the point when a premarital agreement will come in.

Jim’s got more insightful information about this complex issue, take a listen:

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