Louisiana Prenuptial Agreements
Louisiana prenuptial agreements, also called matrimonial regimes, refer to a written contract created by a couple before they get married. Generally, these contracts list the property and debts owned by each individual. The contract outlines property rights and the distribution of property in case of a breakup of the union.
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Features
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The Louisiana state codes allow couples to sign matrimonial agreements before or after marriage. The document may range from a simple agreement of three to five pages to complex contracts of more than 100 pages. Both parties must sign the document and have it witnessed. Generally, a prenuptial agreement contains a list of each person’s assets, liabilities and income. The parties may include property appreciation and gains or gifts and inheritances in the contract.
Benefits
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A Louisiana prenuptial agreement help sidesteps costly legal battles and guides the distribution of assets during the dissolution of a marriage. In cases of people who decide to remarry, the matrimonial regime ensures that both families receives an equitable allocation of assets in the event of a distribution.
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Modifications
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Although the state do not require couples to get prior approval of the court to enter into prenuptial agreements, spouses can only alter the contract by filing a joint petition. The court will permit the couple to move forward with changes only if it finds the modifications represents the best interest of the couple. Furthermore, the parties have to understand
Limitations
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The Louisiana statutes do not permit individuals to use prenuptial agreements to change or renounce the order of succession or affect the regulations in any way related to settling debts and allocating property during the probate process. The law also prohibits limiting the right of either spouse to use community property as collateral or up to lease community property.
Considerations
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A prenuptial agreement prevents Louisiana’s regulations from determining the division of assets in the event of a divorce. As a "community property” state, Louisiana law divides all property acquired during the marriage in a 50-50 split between the couple. Property brought into by marriage by either partner remains with that person. Each party should obtain independent legal representation to look over the prenuptial agreement and explain to them the consequences of the agreement. This additional precaution makes it difficult for one person to claim later that he or she did not understand the provisions of the contract.
Time Frame
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A couples should sign the prenuptial agreement at least 30 days before the marriage ceremony takes place. This allows each person time to consider the ramifications of the contract before tying the knot. In addition, it reduces the likelihood of raising uncertainty in the eyes of the court as to whether or not a person executed the contract under duress or undue influence.
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References
- Photo Credit Louisiana state contour against blurred USA flag image by Stasys Eidiejus from Fotolia.com
