What Should You Include in Your Prenuptial Agreement?
—A Bossier City Law Firm Weighs In
Walking down the aisle to say “I do” is a monumental moment in a person’s life. You expect to stay with your chosen one until death do you part. For many different reasons though, couples do experience divorce. Some endings are friendly, and some are contentious. Which is why every couple can benefit from a prenuptial agreement. Commonly known as a prenup, this document outlines how certain assets and property will be divided in the event of a divorce or separation. It helps prevent many legal disputes.
Prenuptial agreements may not be exciting and romantic, but they can do a lot to relieve pressure and stress if the marriage turns sour. As with other legal documents, you want to ensure your agreement abides by the state laws and is equitable to the parties involved. Utilizing a qualified Bossier City law firm is the best step you can take for this vital step in your marriage.
6 Areas to Cover in Your Prenuptial Agreement
Prenuptial agreements are meant to protect both parties. When drafting yours, your family law attorney will cover many areas, including these six:
- All premarital assets and debts: You both may come into the marriage with some assets and debts. You’ll need to decide if any will become marital property or if you will keep them separate. Separate property is considered the assets you acquired before you said, “I do,” or anything you inherit during the marriage. Thinking about this now will help if your marriage does fail later.
- Assets and debts attained during the marriage: Once married, any property obtained or debt incurred, is generally considered marital property. If you want something to remain solely yours, you’ll want to make provisions for that in your agreement.
- Children from previous marriages: A prenuptial agreement is also used to allocate assets after the death of one of the spouses. This is helpful when you have children from a previous marriage. The agreement will ensure your children receive their fair portion of your estate. While this doesn’t replace a will, it can aid your estate planning efforts.
- Spousal support and alimony: When one spouse makes significantly more than the other, contentious conversations may occur over spousal support during divorce proceedings. Without an agreement, the judge can rule by state laws. That may mean that the higher-earning partner may feel disadvantaged. A lower-earning spouse may feel they don’t receive enough. A prenup can mitigate this for both parties.
- Retirement accounts: The money you set aside for retirement is often considered marital property. To keep it separate, you’ll want to address that in your prenup, especially if you are entering into a marriage with an established retirement account.
- Marital property division in divorce: Another part of the prenuptial agreement addresses what to do with marital property obtained after the vows are made. If a divorce does occur, this section can help alleviate some disagreements. It’s also beneficial if you are a business owner.
Enter Matrimony with a Prenup from an Experienced Bossier City Law Firm
Marriage is meant to be forever, so focus on making your marriage strong. But planning for contingencies with prenup can ease fears for both parties, particularly when aided by an experienced Bossier City law firm. David L. White and his team know about the Louisiana legal system and family laws. David has decades of experience with couples and families through different stages of marriage. He can help you ensure assets are adequately protected. Schedule a free phone consultation to learn more.
Contact a Bossier City law firm capable of handling all your family law needs. Give us a call at 318-747-7023.
