Whether you and your spouse invested in a home on beautiful Grande Isle or you own a home in a neighboring state, the last thing you may consider when closing on the property is what will happen to it in the event you and your spouse file for divorce. However, in the event that you choose to file for divorce, knowing how your assets, including vacation homes, are handled is critical. If this reflects your circumstances, the following blog and a Monroe, Louisiana property division lawyer can help you navigate these difficult issues.
How Is Property Divided During Divorce in Louisiana?
If you are going through a divorce in Louisiana, understanding how property is divided among the couple is critical. First and foremost, it’s imperative to understand what can be divided among the couple. Assets considered marital property, which is essentially any asset obtained during the duration of the marriage, regardless of which spouse legally owns it, will be divided. In some instances, separate property, which is typically anything obtained before the couple is legally married, can become marital property if it is commingled with joint assets.
As such, all marital property in Louisiana will be divided according to the state’s community property statute. This essentially states that each spouse, regardless of their contributions to the marriage, is entitled to an even 50/50 split of assets. This is imposed by the courts if the spouses cannot find a solution that works for them when negotiating the terms and conditions of their divorce.
How Are Vacation Homes Handled?
Generally, if you and your spouse have options on how to handle a vacation property when divorcing. The first option, which is generally only applicable to couples who end their marriage on amicable terms, is to continue owning the home together. You may choose to convert it into a rental property and split the profits or split the time spent at the property.
Another option is for one spouse to purchase the other’s share in the property. For example, if the home is worth two million dollars, you may choose to buy your spouse’s million-dollar half so you can retain full ownership of the property. In other circumstances, your spouse may accept assets of equal or higher value in exchange for relinquishing ownership of the property.
If you cannot come to a decision, the court may require you to sell the property and divide the profits evenly among yourselves.
Going through a divorce can be incredibly challenging, which is why it’s in your best interest to connect with an experienced attorney from Breithaupt, DuBos, & Wolleson, LLC. We understand the importance of fighting for the property you deserve during a divorce. When you are ready to file or have been served, contact our team to discuss your legal options.
