Going through a divorce can be an incredibly overwhelming matter with a number of important considerations to make. As such, taking the time to understand how divorce works is critical. One thing many are unsure of is how property will be divided in Louisiana. If this reflects your circumstances, the following blog explores what you should know about community property and the importance of working with a Monroe, Louisiana property division lawyer to assist you in these matters.
What Is Considered Community Property?
When filing for divorce, understanding how your assets are handled is critical. Generally, you’ll find that there are two kinds of property – separate and community. Separate property is anything you owned before or after the divorce that is owned solely by you. However, some assets obtained during the marriage may be considered separate property. This includes inheritances, gifts given to you from those outside of your marriage, or income generated from separate property.
However, community property, also called marital property, represents assets obtained during the duration of your marriage. These are considered to be owned by both spouses, regardless of who paid for the asset or whose name is on the title. Typically, this includes the marital home, vehicles, bank accounts, assets, and life insurance policies.
It’s important to understand that assets can become community property if they are co-mingled with jointly owned assets. For example, if you owned a vacation home before your marriage, but you use money from a joint bank account to pay for renovations, the property would become a joint asset.
How Does Louisiana Divide Assets During a Divorce?
In Louisiana, you’ll find that all community property assets are divided evenly between the spouses, regardless of how much each party has contributed to the marriage, financially or domestically. This differs from equitable distribution states, in which the contributions of each party are factored into how assets are divided. Equitable distribution states divide assets fairly, as opposed to evenly.
As such, when you and your spouse file for divorce, you must disclose all community property as it will be divided equally between both parties. All separate property will remain the assets of the spouse who owns it.
If you are worried about protecting your assets in the event of a divorce, one of your options is to create a prenuptial agreement. This is a legal document that explains what you wish to happen to your property in the event of a divorce. This allows you to protect your separate property. However, your spouse must agree to the terms and conditions of the document.
As you can see, there are a number of important considerations you must make regarding your property when filing for divorce. This process can be overwhelming to navigate, which is why working with an experienced divorce attorney is critical. At Breithaupt, DuBos, & Wolleson, LLC, we understand that property distribution can be contentious, which is why our firm is ready to fight for you. Contact us today to learn more.