How do assets get divided in divorce?

On Behalf of | Jun 11, 2019 | Divorce

Over the course of your marriage, you and your spouse worked hard to build a comfortable life for yourselves. Now that you are divorcing, you may wonder exactly how your possessions will be divided up.

Louisiana is a community property state. This means that when you and your spouse got married you became one legal community. Almost all of the possessions you acquired during your marriage are owned by that legal community and are subject to division.

However, some assets may be separate property, which does not get divided in divorce. Understanding the difference between community and separate property can help you better predict how your possessions might be split in divorce.

What counts as community property?

You and your spouse each own one half of community property, so community property is often divided equally in divorce. Most property will be assumed to be community property, unless you or your spouse prove otherwise.

Community property includes:

  • Property that you or your spouse acquired during your marriage
  • Property acquired with community property
  • Property gifted to the couple
  • Money acquired from community property

What counts as separate property?

Separate property is not subject to division in divorce. This means that if you can prove that a certain piece of property qualifies as your separate property, you will likely keep that property after divorce.

Separate property includes:

  • Property acquired before marriage
  • Property acquired during your marriage if there is a valid prenuptial or postnuptial agreement
  • Property acquired with separate property
  • Property gifted to only one spouse
  • An inheritance given to only one spouse

When you have worked hard to acquire nice things, it can be important to make sure you receive your fair share of those things during your divorce. Understanding community and separate property can help you identify what your fair share should be.

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