Baton Rouge Business & Commercial Real Estate Blog

When a Louisiana judge handed down a decree regarding your divorce, child custody and child support, the court undoubtedly told you that you are legally obligated to adhere to all terms contained therein. You had no problem with that since your main concern in your divorce was to make sure all new arrangements centered on your children's best interests. You were also glad to help financially support them as they move forward in life.  

You were making payments on time until you unexpectedly received a decrease in pay at work. Your boss mentioned something about cutting costs and everyone taking a hit for the team so the company won't have to close its doors, but the only thing on your mind at the time was how your new, lower income may not be enough to cover your current child support payments.

When couples are preparing to walk down the aisle, they are likely not thinking about the possibility that the marriage may someday end in divorce. However, there is great benefit in considering this possibility in the future and putting certain protections in place.

If you are getting married, you would be prudent to consider the benefit of having a prenuptial agreement. This is a legal agreement that could protect your financial interests and property in case of a divorce. The thought of drafting a prenuptial agreement may not seem romantic, but it can save you a significant amount of time, stress and money in case you divorce. It is a simple way to shield yourself in case of a contingency.

If you think back over the past five years, you can probably list numerous changes that have taken place in your family.

Perhaps a son or daughter got married or divorced. Maybe you and your spouse moved to another state or decided to purchase a vacation home. Even if you and your loved ones carried on without a major alteration, you must agree that the national climate has changed, especially laws regarding taxes.

Owning your own home provides you with several benefits and challenges throughout the time you own it. As you take care of your landscaping, maybe renovate the kitchen or otherwise make it your own, you may want to stop to think what will happen to it after your death.

The reality is that most people here in Louisiana are just like those around the rest of the country - they don't have estate plans in place to handle the distribution of all of their assets, including their homes. Dying without at least a will means that state law dictates where your assets go.