At Southern Oaks Law Firm, our Lafayette community property partition lawyers know that with each unique divorce comes overwhelming confusion. The details involved may vary by relationship, including whether there are children to consider during the divorce proceedings, but one significant detail is often shared across the board: Finances.
A deceptively complex part of a Louisiana divorce is the community property partition. While dividing your assets may seem straightforward, the actual process can be challenging, and here is managed much differently than in most states. Because of the difficulties involved in dividing assets, you need a trusted attorney who can represent your best interests from the start.
Our mission is to facilitate fresh starts for our clients, by providing them with the education, support, and guidance they need to make it through the family law process and move forward with their lives in a healthier and happier way.
We have successfully managed hundreds of family law cases for Louisiana residents, regardless of their age, race, nationality, religion, gender, gender identity, or sexual orientation. Because of that, we know that no two families are alike, nor do they have the same family law needs. Although we may not all look alike, we understand that partnering with the right Louisiana family lawyer is an important decision that will help shape your future.
Our Lafayette Parish family lawyers will listen to each detail of your story, and actually hear you, because we are you. We understand the physical, emotional, and financial impact divorce and property division matters have on your personal and professional life because we have been there too.
We produce real results for real people, no matter their family law journeys, because every step you take from this point forward matters.And because it matters to you, it matters to us.
What is the Difference Between Separate and Community Property in Louisiana?
Determining the difference between separate property and community property in Louisiana seems straightforward on its face, but the details can quickly become complex. Here, absent a prenuptial agreement, any assets and debts acquired during the marriage are likely to be classified as community property, unless they were purposefully classified as separate property at the start of the marriage.
Separate property includes assets or debts that belong exclusively to one of the spouses, including possessions acquired with/by:
Separate funds.
One spouse before marriage.
One spouse through individual inheritance or donation.
Labeled as separate through a prenuptial agreement or separate property agreement.
Separate property may also include any damage caused by one spouse because of fraud or the mishandling of community property.
Community Property consists of those assets and debts acquired during the marriage that were not purposefully classified as separate property at the time they were acquired. Even if the asset is held in one spouse’s name, if it were purchased using community funds, it is usually community property.
Once the community assets and debts are identified and valued, they should be distributed in a way that results in each party receiving 50% of the net community. If that is not possible, then one spouse may owe the other a cash equalizing payment.
There are also various reimbursement claims that may need to be addressed in your community property partition. For example, if community property is used to pay a spouse’s separate debt, the other spouse may be entitled to reimbursement for ½ of that amount. While often overlooked or unknown to those unfamiliar with Louisiana community property laws, these reimbursement claims may be significant and crucial to a fair distribution of community assets and debts.
At Southern Oaks Law Firm, our skilled community property partition attorneys in Lafayette Parish will thoroughly investigate your marriage’s assets and financial holdings so you can claim your fair share of the marital property.
What Property Can Be Divided During a Louisiana Divorce?
Our Lafayette community property partition lawyer works closely with our clients to determine what kinds of property may be divided in their divorces, then creates an aggressive plan to protect those assets going forward.
Many types of assets can be divided in a divorce, including:
A family home and other property.
Businesses and investments.
Vehicles.
Shared debt.
Savings accounts.
Retirement and investment accounts.
Dividing complex financial assets, such as a pension or 401k, or a business can present unique challenges in a divorce. Not every lawyer understands the process of evaluating a business or financial asset, and it can be difficult to split these items evenly.
Our attorney will guide you through the process and help you negotiate with your former spouse to ensure your financial future is secure. If a mutually beneficial compromise is not available, our Lafayette community property partition attorney will not hesitate to take your case before a family court judge.
What Happens If My Spouse is Hiding Assets During Our Louisiana Divorce?
Louisiana divorce laws prohibit spouses from hiding assets and income before or during a divorce. While this is true, some spouses will try to keep a portion of their financial holdings from the other spouse. This is typically the case in high-asset divorces, especially when one spouse controls the financial holdings, and is charged with paying the family’s expenses. These relationships often lead to the other spouse’s lack of financial knowledge, so they are unsure of whether any financial holdings are going undisclosed.
Louisiana law gives divorce attorneys, including ours, the resources and latitude they need to uncover and combat any form of asset hiding during the proceedings. Because of the time-sensitive nature of dividing assets, it is important to get a skilled Lafayette community property attorney involved in the process as early as possible, so your complete financial interests are protected from the start.
Our team shares some of our clients’ personal experiences, including those of an unmarried dad navigating and enforcing child custody rights, a married father solidifying the well-being of a blended family, and a mother that has been through the divorce process. These real-life experiences allow us to directly connect with our clients and provide compassionate client service and tailored solutions meant to secure a fresh start for their future.
Contact Our Experienced Community Property Partition Lawyer in Lafayette, Louisiana
At Southern Oaks Law Firm, our forward-thinking family lawyers and support staff know where you are in life right now is hard. No matter who you are or what your legal journey entails, we are here to help you pursue a positive outcome for you and your family. We take a sincere approach to help our clients move forward as smoothly as possible with sustainable legal solutions that fit their unique needs.
Contact our community property partition attorney in Lafayette, Louisiana today by calling 337-704-7255 or online to discuss your legal journey with someone who cares about your future.
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