Prenuptial agreements are contracts between engaged individuals. They address matters related to their relationship and their property to prevent major conflicts from arising in the future. Prenuptial agreements were once relatively rare but have become somewhat commonplace. Many couples in Louisiana now execute prenuptial agreements before solemnizing their relationships.
Couples may derive several benefits from negotiating a prenuptial agreement. These documents can help set them up for a greater chance of marital success and streamline proceedings if they ever decide to divorce in the future.
What terms do people frequently choose to include in their prenuptial agreements?
Protection for separate property
The party suggesting a prenuptial agreement may already have certain assets that they want to protect. Divorce can lead to conflict about assets that seemingly belong to just one spouse. Small financial mistakes during the marriage could endanger the assets that belong to one spouse. A prenuptial agreement can include clear terms setting aside certain financial holdings, real estate or a small business as the separate property of one spouse.
Rules for marital income
People typically need to divide their income from during the marriage according to Louisiana’s community property statutes. However, some engaged couples decided to set their own rules for property division. They can include rules for the income of either spouse and any other assets that they anticipate acquiring during the marriage. They may then have less to argue over if they divorce later, as the property division process should follow the terms set in their prenuptial agreement.
Spousal support
The courts can order one spouse to provide financial support for the other after a divorce. Some people, including those who anticipate staying home to raise the couple’s children, may want to clarify what kind of support is available. Louisiana allows either spouse to ask for spousal support in certain circumstances, but spouses can outline specific rules for spousal support that go beyond what the courts typically grant in a Louisiana divorce. They can also sidestep a scenario in which the spouses fight at length over whether a support order is necessary or not.
Establishing clear rules for financial matters including property division and financial support can take much of the conflict out of divorce and clarify expectations throughout a marriage as well.