Gone are the days when discussing financial situations before marriage causes friction between a couple. Similarly gone are the days when only the affluent businessmen married to homemakers interested in protecting their assets are having their potential spouses sign premarital agreements. With so many couples marrying later on in their life and burdened with different financial obligations, more Louisiana residents are entering into prenuptial agreements.
The preconceived stigma associated with signing an agreement outlining the division of property, assets, investments, income and debts, among other issues, pales in comparison to the benefits associated with the contract. It allows couples to take away property division issues from the state in the event of a divorce and make them, knowingly and voluntarily, through mutual agreement. But, it is important to know the legalities involved in the process so that the resulting agreement is enforceable.
As per the Louisiana Family Code, a premarital agreement is made before a couple gets married and is effective once the couple is married. As mentioned above, it has to be entered into voluntarily. Courts will not find the agreement enforceable if one party was not provided a fair and reasonable disclosure of the other party’s financial obligations or they did not expressly, in written form, waive their right to such disclosure. In addition to this, the court may find the agreement unconscionable if they did not have or could not reasonably have adequate knowledge of the other party’s property or financial obligations.
Even though discussing financial obligations could potentially dull the romance in upcoming nuptials, one party may also be willing to overlook disclosure in the short run, not understanding the ramifications of it a couple of years down the line. It may be beneficial to consult an experienced attorney for guidance.