While no couple enters a marriage expected it to end, it is important to understand how marriage will affect your rights in certain property and how those rights will be handled in the case of a divorce. Louisiana is what is known as a "community property" state, a fact which
Going through the agonizing divorce process? Many decisions need to be made and dividing all property assets is one of these decisions. You might need to get the court involved, especially if you aren’t very knowledgeable about the process in the state of Louisiana. Louisiana Community Property Laws Under the Louisiana Community
Clients wonder if they can collect on their former spouse’s social security benefits if he or she passes on before the client does. The answer is, "it depends." You may be eligible to receive benefits if: • You were married to your spouse for ten or more years • You are not
How is credit card debt divided? Credit card debt will be divided as a part of the overall division of the marital property and debts. Just as in the division of property, the court will divide the debt equally. If your spouse has exclusively used a credit card for purposes that did
After our divorce is final, can the property agreement be modified? In Louisiana, the divorce judgment can be granted without a property settlement taking place. Once you have reached a property settlement, the provisions in your property settlement agreement dealing with the distribution of your assets and debts are not modifiable.
What is a property settlement agreement? A property settlement agreement is a written document that includes all of the financial agreements you and your spouse have reached in your divorce. This may include the division of property, debts, child support, alimony, insurance, and attorney fees. The property settlement may be a separate
What does date of valuation mean? Because the value of assets can go up or down while a divorce is pending, it can be necessary to determine a set date for valuing the marital assets. This is referred to as the date of valuation. You and your spouse can agree on
What is meant by equity in my home? Equity is the difference between the value of the home and the amount owed in mortgages against the property. For example, if the first mortgage is $50,000 and the second mortgage from a home equity loan is $10,000, the total debt owed against the