In Need of A Community Property Partition Attorney in Baton Rouge, LA?
At the Russell Law Firm, LLC, our Baton Rouge divorce attorneys know that when it comes to property division, the State of Louisiana does things much differently than most states. Here, any assets and debts acquired during the marriage are generally considered community property, with a few exceptions.
In short, each party is entitled to receive half of the community property, and liable for half of the debt. The goal of this approach is to provide a fair and equitable division of assets and debts for all parties involved.
Our East Baton Rouge Parish community property partitions attorneys know many factors are taken into consideration when making these determinations, including the source of funds, conditions, and timing of purchase. We can help you understand what property is yours, what property is shared, and how your assets and debts will be divided accordingly.
What is the Difference Between Separate and Community Property in Louisiana?
Determining the difference between separate property and community property in Louisiana typically has nothing to do with how it is titled when outlining property rights.
The difference between the two types of property is:
- “Separate” – assets or debts that belong exclusively to one of the spouses and/or which were acquired/ incurred prior to the marriage, are generally classified as “separate” assets and debts.
- “Community” – generally assets and debts acquired/incurred during the marriage, and not classified as separate property at the time they were acquired, are considered “community” assets and debts.
Separate Property may include:
- Property acquired with separate funds.
- Property acquired by a spouse before the marriage.
- Property acquired by a spouse through individual inheritance or donation.
- Property acquired during the marriage and labeled as separate through a prenuptial agreement or separate property agreement.
- Insurance proceeds received for pain and suffering.
- Property acquired solely with separate property.
- Damages caused by one spouse because of fraud/mishandling of individual property.
Community Property may include:
- Property acquired prior to marriage.
- Property acquired by the use of community.
- Damages or losses to community property.
- Economic benefits derived from community property.
- Property donated to the spouses jointly.
In Louisiana, any assets acquired during the marriage are usually classified a community property, unless the property is specifically classified as separate property or other exceptions apply. Even if the asset is held in one spouse’s name, if it were purchased during the marriage and/or using community funds, it is usually classified as community property. Both spouses have one-half (50%) of the ownership interest in the community property; and neither spouse can obtain full possession and ownership of the property until it is partitioned.
How is Community Property Partitioned During a Louisiana Divorce?
Partitioning property in Louisiana requires multiple steps during the divorce proceedings, such as:
- Determining if the asset or debt is community or separate.
- Valuation of the community assets and debts.
- Valuation of any reimbursement claims between the spouses.
- Deciding how to divide or partition the community assets and debts, which may include one spouse purchasing the other spouse’s share or selling the asset and dividing the proceeds after all debts are paid.
Generally, all debts and assets acquired during the marriage are considered equally shared by both parties, even if they were acquired by one spouse acting alone.
If you believe there is uncertainty in property ownership during your divorce, our skilled community property partitions attorneys in Baton Rouge can help you understand how our state’s laws apply to your case, so you can make informed decisions about your financial future.
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Contact our dedicated Family law lawyers in Baton Rouge today at (225) 307-0088 or online to get the legal support you need to produce real results for your unique case.