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What is a postnuptial agreement and is it right for me?

On Behalf of | Nov 11, 2022 | Property Division

You may have intended to execute a prenuptial agreement but with all the tasks involved with wedding planning you simply never got around to it. Or perhaps you came into a financial windfall while married that you want to protect. Or maybe your marriage is going through a rocky period, and you want to ensure your interests are protected should you ultimately divorce. Any of these reasons are good reasons to execute a postnuptial agreement.

What is a postnuptial agreement?

A postnuptial agreement is basically a prenuptial agreement that is executed after the parties are married.

A postnuptial agreement can cover many of the same things a prenuptial agreement can. Essentially, these are the financial aspects of marriage and divorce such as spousal support and property division. For example, in a postnuptial agreement you can state what assets — money and property — are to remain marital and what will be separate.

This is important because Louisiana is a “community property” state for property division purposes in a divorce. This means that, absent a prenuptial or postnuptial agreement, both spouses have an equal ownership interest in any assets, including property and income, obtained or earned during the course of the marriage and will be distributed evenly if the spouses divorce.

A postnuptial agreement cannot cover child custody or child support. Child custody must be based on the best interests of the child and child support is a legal obligation that must follow state formulas.

Is a postnuptial agreement right for me?

If you are worried about what will happen to you financially if you divorce, you may decide to execute a postnuptial agreement. However, postnuptial agreements can even be beneficial to those whose marriages are solid, as they can clarify the financial responsibilities of each spouse. If you think you may want to execute a postnuptial agreement it can help to speak to a family law firm to learn more about why a postnuptial agreement may be right for you.