When you and your partner decide to tie the knot, you may immediately start planning your dream wedding. However, it’s essential to prepare for your legal union! This includes discussing the benefits of prenuptial agreements before you say, “I do.” Though it may not seem romantic to talk about finances, it’s important. If you decide this is the right option, a Monroe, Louisiana prenuptial agreement lawyer can help you draft the document. Keep reading to learn everything you need to know to ensure the agreement is fair for both parties.
What Are Prenuptial Agreements?
Before a couple marries, they may want to create a document outlining how they will divide their marital property if they should divorce. Though it may seem unromantic to discuss divorce before walking down the aisle, it is essential. This is because it forces a couple to disclose their current finances and their goals for the future.
Generally, this agreement discusses who will get what assets, how alimony will work, and how you plan on splitting any properties in the event you and your spouse divorce. A prenup can provide peace of mind for the future while guaranteeing that divorce goes quickly and smoothly, thanks to the prior agreement. However, it is crucial to note that these documents cannot decide a future child custody arrangement or child support payments.
A prenuptial agreement is popular in Louisiana, as this is one of a few states that follows a community property statute for distributing marital property after a divorce. This means a couple who divorces will split the asset they accrue during their marriage evenly during a divorce, regardless of whether or not one spouse contributed more to the relationship.
Is There Anything I Can Do to Ensure the Agreement Is Fair?
To help ensure that a prenup is fair, it’s necessary to disclose all your finances. Unfortunately, many spouses try to hide assets during this process, which makes the deal unfair. This is because each party is required to disclose the full extent of their finances to ensure each spouse understands the other’s financial situation. For example, if a husband hides how much money is in his retirement account, his wife may subsequently relinquish more assets. This is unfair, as she would likely not compromise the assets if she knew the full extent of his financial situation.
It’s also important to understand that the agreement cannot be signed under duress or intimidation. Unfortunately, many spouses will delay the prenup process until it’s too close to the wedding date to call off the marriage. As a result, the other spouse will feel pressured to agree to the terms, even if they are wildly unfair.
If you are ready to set up a prenuptial agreement with your soon-to-be spouse, you must do so under the guidance of an experienced family attorney. At the Law Offices of Breithaupt, DuBos, & Wolleson, our dedicated legal team can help you navigate this matter. Contact us today to learn more.