Many people wait to think about the possibility of divorce until it is actually happening. You may be in the process of preparing to get married, and the thought of preparing for the possibility of the marriage eventually ending may seem unromantic and impractical at the time. In reality, it could be quite beneficial to think about what will happen in the event of a divorce before walking down the aisle.
One of the ways that some Louisiana couples do this is by drafting a prenuptial agreement. You might assume that this is something that only famous people need or those with a lot of money, but people of all income levels find it a smart way to discuss finances and prepare for contingencies in the future.
Dealing with property division now
One of the most common things that couples can address in a prenuptial agreement is property division. In divorce, all marital property is subject to division between the two parties. With a prenuptial agreement, you can go ahead an address these issues, deciding what constitutes community property and what does not. This can save you time and a significant amount of stress in the event of a divorce. You can also draft your prenuptial agreement in a way that allows for consideration of special issues unique to your situation.
Prenuptial agreements can be a tool for couples that wish to avoid a complex dispute in the future over property division. However, those are not the only things you can accomplish with yours. You can include provisions for the following matters related to your finances and much more:
- Retirement savings and benefits
- Managing jointly owned bank accounts
- How parties will contribute to savings over the course of the marriage
- Credit cards and spending of each partner during the marriage
- How household bills and financial necessities will be managed
You can develop and draft a prenuptial agreement uniquely suited to your needs and personal objectives.
A practical approach to the future
It is impossible to predict the future, but it is always smart to plan ahead and have preparations in place. One of the ways you can do this is to have a strong prenuptial agreement before you get married.
You may find it beneficial to seek a better understanding about these legal agreements and understand how they can benefit both you and your soon-to-be-spouse before you walk down the aisle. Your future interests are too important to leave to chance.