Marrying someone of the same sex is a freedom LGBTQ couples have not enjoyed until fairly recently. However, as you prepare to tie the knot with a same-sex spouse, you should understand the challenges LGBTQ couples face since they may arise if your marriage ends in divorce.
Divorce involves the division of marital property between the two spouses. As The Motley Fool explains, LGBTQ couples struggle in certain areas, so you could end up fighting harder for more property in a possible divorce.
Disparities in income
Studies have found that while some LGBTQ couples enjoy a high income, a large number of LGBTQ adults work in low-wage jobs. So if you start a marriage with a low income, planning for the future may be critical.
You and your spouse might choose to live in an affordable community while putting away money in retirement accounts and an emergency fund. If you and your spouse build up enough wealth, a divorce could be less stressful as each of you will have enough provision to live on.
Not having health insurance
Given that some LGBTQ adults struggle with health problems like HIV, asthma and smoking-related ailments, LGBTQ couples should have health insurance. Unfortunately, 17% of LGBTQ adults do not have any health insurance, which puts them at risk of financial ruin if they contract a serious illness.
As a married person, you may seek health coverage through your spouse’s employer-based insurance if available. In the event of a divorce, you might be eligible to keep the coverage for a while under U.S. COBRA law.
A prenup may be of benefit
Thinking of divorce is probably not pleasant. Still, you should consider what a post-marriage life may be like. You could draft a prenuptial agreement to designate property as separate or marital in nature. A well-drafted prenup may help avoid dragging out a divorce if it should happen.
