Regardless of where one's political affiliation lies, there can be no doubt that the current administration has shaken things up on the political landscape. For immigrants, concerns over Trump's immigration policies have caused a great deal of anxiety. According to family law professionals, there has been an uptick in the number of immigrants who are engaged to an American citizen and hoping to escalate their wedding timeframe. For those Louisiana couples, a prenuptial agreement may also be a desirable course of action, even though issues of community property are likely not on their minds at the moment.
For many Louisiana residents, the division of retirement assets is a primary focus during the property division process. In fact, there are many families in which retirement savings comprise the bulk of marital wealth. Getting things right during the division of these assets is important, and should be a priority. To that end, it is important to carefully review the QDRO to ensure that there are no costly errors or omissions present.
The process of dividing marital wealth is a primary focus for many Louisiana spouses who are going through a divorce. That is understandable, as the outcome of property division will have a lasting impact on both parties as they move beyond their marriage and into the next phase of their lives. When preparing for negotiations of community property, spouses need to be aware of Bitcoin and similar companies, and be on the lookout for signs that their partner may have taken steps to shield assets from loss during divorce.
Other than the marital home, one of the largest assets that Louisiana residents have is their retirement accounts. In most cases, the portion of those accounts that was acquired during the marriage could be subject to division in a divorce. Under the Employee Retirement Income Security Act of 1974 (ERISA), a qualified domestic relations order (QDRO) will need to be issued by the court before any funds can be dispersed for the benefit of the receiving former spouse.
Prenuptial agreements have gotten a bad rap as being something couples get because they expect that their marriage won't last. Many couples deny themselves some important benefits by refusing to consider one. In states like Louisiana, community property laws mean that the court divides your joint assets and debts evenly in the event of a divorce. Having a prenuptial agreement can certainly make the process of property division much more agreeable.
Louisiana is one of only a handful of states in the U.S. that follow community property laws. What does this mean for a divorcing couple?