Dividing Property Assets During a Divorce
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 Property Laws, all assets acquired by a married couple during the marriage belong equally to both parties. Usually it is up to a judge to divide all of the community properties at equal net value. The factors the judge take into consideration include the source of the property and the economic condition of each spouse.
Is the property considered community or separate property?
Of course, each property needs to be determined as community or separate. Was the property purchased before the marriage? Then, it is considered separate property if the records indicate that. If the home was purchased before the marriage, most couples end up changing the title to a community property once they’re married. This just makes things even more complicated and it is best always talk with an attorney before making any final decisions.
Determining property value
When dividing property, the property value must be determined. The monetary value of each property is determined by appraisals. Now, there is always the option to buy out your spouse or agree to dividing property assets without involving the courts. But if these are not options, it will be the responsibility of the court to divide how to fairly d