Jun 24, 2020
During this episode of The Confident Wealth Podcast
with Bill Bush and Pete Bush, they interview Sean McAllister,
Associate at Loeb Law Firm. Sean McAllister discusses how married
couples can protect themselves from potential divorce issues,
prenuptial agreements and post-prenuptial agreements, budgeting,
and domestic cohabitation contracts.
- 00:28 – Bill Bush and Pete Bush introduce Sean McAllister and
recap the previously discussed points from Family Law &
Finances- Pt. 1.
- 01:01 – How does Sean McAllister recommend that married couples
protect themselves from potential divorce issues?
- 02:02 – Prenuptial agreements and post-prenuptial agreements
aren’t really that common.
- 04:12 – What are examples of when it would be a good time to
consider a post-prenuptial agreement?
- 04:50 – How does a domestic cohabitation contract protect
- 07:20 – What is Sean’s advice for someone to create a budget to
work their way through these divorce protections?
- 09:43 – Family homes aren’t always paid off at the point of a
- 12:05 – Divorces can be a long drawn out process. Set money
aside for court costs and living expenses.
- 13:39 – What happens when you fail to inform yourself about
your spouse's assets on the side?
- 17:20 – Don’t forget to change your insurance and retirement
benefit beneficiaries when you get divorced.
- 19:58 – Make sure your divorce attorney is a good fit with you
and your needs.
- 22:17 – What are some of the resources that people getting
divorced should use?
3 Key Points:
- The nuclear family is diminishing in favor of other alternative
living arrangements, such as brothers and sisters living together
or parents with their kids.
- Create a budget that includes the cost of living without your
partner, emergency funds, and expenses you wouldn’t normally incur
back when you were married.
- Money doesn’t care about your pride.
- “Louisiana calls for matrimonial agreements, which basically
say you can contract anything that isn’t against public policy,
public policy being stuff like you can’t contract out of paying
child support.” – Sean McAllister
- “I encourage prenups in situations where somebody has a child
from outside of the marriage and brings it into the marriage and
there are certain protections you can take to protect that child’s
interest or inheritance.” – Sean McAllister
- “Contracts in Louisiana, if you are a couple and you are not
married, you can still make contracts and protect yourself. But
Louisiana is a civil law state. It is not common law. So, there is
no common law marriage or anything.” – Sean McAllister