Asset Division Attorney in Denham Springs, Louisiana
Dividing the possessions in a divorce can be emotional and contentious. Determining separate property and community property is not always an easy duty. Spouses often combine the property they had coming into the marriage once they take their vows. When a couple wants a separation, you need to hire an experienced divorce attorney that can help significantly.
If you are considering divorce, have started the process, or have been served a divorce petition, you may be wondering how Louisiana law dictates the division of assets and debts accumulated during the marriage. At the Law Office of Ivy L. Graham, we’re ready to help.
We work closely with clients from Denham Springs, Livingston, Colyell, Holden, and Albany, Louisiana, and advocate for what is yours in divorce. We take the time to get to know you and understand what is meaningful to you in the division of assets and what is not.
Community Property vs. Separate Property
Community property is generally acquired during the marriage, even if only an individual name appears on a deed or title. Since Louisiana is a community property state, this property is divided evenly between the spouses in a divorce. Examples of community property include a home, vehicles, furniture, art, antiques, and other items purchased during the marriage. It would also include collections. For example, if one spouse collects rare books during the marriage, any books not given as a gift to the other spouse are community property.
Separate property is generally anything a spouse had before marriage. An example would be the dining room set an individual bought that the couple used during the marriage. Separate property also includes an individual inheritance and gifts received.
There are exceptions to separate and community property when funds intermingle during the marriage. For example, an individual bought the house before the marriage, but if the couple contributed to the mortgage and maintenance during the marriage, it is considered community property. Another example of community property is when an individual opens a bank account before the marriage, if the other spouse contributed to it, even if that account is only in one name after the marriage, the account is community property.
Ownership of property and value of a property is potentially a complex issue, especially if a business one spouse owns but the other contributes to it in some manner. There is value in having an experienced family law attorney on your side to help ensure that you receive a fair and equal settlement.
The Division of Assets and Debts
Assets and debts are divided either on an agreement between spouses or the marital dissolution agreement.
If the spouses can agree on the division of assets and debt, the division is uncontested. In addition, terms of division of assets and debt are subject to court review and approval to ensure both receive a fair settlement. The division is uncontested only through a legal document, agreed to by the spouses before marriage.
If the couple cannot agree, dividing a contested issue, the court will decide what is community property and what is separate property, the value of the community property, and how it will be divided equally among them.
Factors Considered in Asset Division
The court considers multiple factors in determining the division of assets and debts in a divorce, including:
The financial means of each spouse;
Each spouse’s earning ability;
The type of property and when it was acquired;
The age and health of each spouse;
The potential for alimony; and,
Child custody arrangements if applicable.
Family Law Attorney
Serving Denham Springs, Louisiana
For most couples, division of property is complicated, especially when they entered the marriage with property and debts which they commingled during the marriage. To have a knowledgeable advocate who can help ensure the proper inventory and valuation of assets and debt, you should work with an experienced family law attorney. If you live in Denham Springs, Livingston, Colyell, Holden, or Albany, Louisiana, the Law Office of Ivy L. Graham is here to help.