In the bliss of preparing for your marriage in Louisiana, a prenuptial agreement is probably far from your mind. After all, discussing a prenup could make you or your future spouse feel uncomfortable or as though you’re lacking trust in them. But a prenup isn’t necessarily about a lack of trust as much as it is about protecting your assets in the unlikely case of a divorce.
Pause for a moment and think about your assets as you enter into marriage. There are five distinct situations under which you might want to consider entering into a prenup with your future spouse. And don’t worry, if you didn’t get a prenup and you’re already married, you can enter into a postnup to still protect these assets should anything bad happen to your marriage. But, timing is very important in filing a post-nup, so make sure to seek the advice of an experienced family law attorney to weigh all of your options.
You’re planning to purchase property that falls under Louisiana’s community property law
Louisiana is one of only nine states in the country that has a community property law. Under this law, couples who acquire assets together after getting married have joint ownership of that property. This means that the courts won’t consider whose name is on the deed or ownership information. All assets now belong to both of you if they’re acquired after the date of your marriage.
In many cases, this can be a very sticky situation for couples. It opens the door for you to be required to split your assets evenly in the case of a divorce. These assets include your business or a business that you own any stake in, your retirement savings plans, and even inheritance.
Because Louisiana rules in this manner concerning assets, a prenup or postnup is always a good idea for couples who are getting married. Not only could you end up with a lower net worth after your divorce, but divorce proceedings can take a great deal of time as the courts evaluate what belongs to who in Louisiana divorces.
Most couples look to complete their divorce proceedings promptly so they can move on with their lives. A prenup or postnup can make this speedy divorce process a reality.
You’re entering the marriage with substantial assets
Individuals with a high net worth can become the target of scammers or spouses who enter into marriage with poor intentions. While you certainly hope this isn’t the case, your new spouse could show their true intentions later on and leave you with half of the assets you had before getting married.
Entering into a prenup when you have substantial assets can set the stage for openness and honesty throughout your marriage. It makes it clear that neither one of you is intending to profit from the marriage and that you enter it with a sound mind and good intentions.
You have children from a previous marriage
There are many reasons why children from a previous marriage could make you consider a prenup. One such reason is to protect their inheritance in case of your untimely passing. It can also protect trust accounts or assets you’ve set aside specifically for your child, such as savings for education or their weddings.
You’ve built a bright future for your children and want to protect that future no matter what happens with your new marriage. It can be wise to enter into a prenup agreement to ensure your children’s financial standing.
You own a business or part of a business
When couples go through a divorce and either one owns a stake in a business, things get really complicated. And tragically, in some cases, that business must be dissolved to split the assets. Or, one spouse walks away with nothing but the business and is left on poor financial footing.
It’s always a good idea to enter a prenup if you own a business or part of a business. Not only will it protect you financially, but it will protect your business. In cases where your future spouse owns a business with large amounts of debt, you should also consider a prenup because that debt could become your debt in case of a divorce.
There is an inheritance involved
An individual who enters into a marriage with an inheritance should request a prenup. But an inheritance can also be a good reason for a postnup. That’s because your financial situation has drastically changed since you entered the marriage, making for some changes in circumstances where you need to reconsider your finances.
Inheritance is a personal topic. A loved one intentionally left that money to you. And coming into a large sum of money can change a person and make their motivations different from what they had been. Protect your marriage and your finances with a postnuptial agreement.
Our team of family law experts can help you under any of these circumstances. We’ll guide you through the process and protect your rights and your finances. Contact us for more information or to set up a consultation.