If you and your spouse are facing divorce, you are probably dreading the upcoming property division process.
Knowing what to expect under Louisiana law will save you stress and frustration and help you manage property division smoothly and effectively.
Understanding separate versus community property
Louisiana is one of several community property states, which means there must be an equal division of your marital or community property during your divorce. You own an undivided one-half interest in the community property you and your spouse acquired during the marriage. On the other hand, separate property that belongs to you alone is yours to keep. This is property you owned before you married or property you acquired afterward through a gift, an inheritance or in line with the terms of a prenuptial agreement.
Coming to agreement for property division
In addition to dividing marital assets and debt, divorcing parents must decide issues of child custody and support. The matter of alimony also comes up during property division. The process will go more smoothly if you and your soon-to-be-ex can work together to reach a settlement on these important issues outside of court, perhaps with the guidance of a mediator. If there are sticking points you cannot agree upon, a judge will take charge and make decisions the court feels are fair to both parties.
Deciding to keep or give away
Every asset must have its own value. Deciding what you want to keep out of the divorce and what you can do without is a major factor when you face property division. For example, if you want to keep the family home, your spouse should retain assets that are equal to the value of that property. Understanding how property division works in Louisiana and preparing in advance will help you navigate these unfamiliar waters with confidence.