Over the course of a marriage, it is common for a couple to acquire many different things together. For example, some decide to invest in a home together while others take the leap and start a business. Some even do both. But when your relationship doesn’t quite work out how you had planned, yet your house, vehicle, and even your business are all in both your name and your spouses, what happens to it all in the event the two of you decide to divorce?
If this is a concern of yours right now as you and your spouse are considering filing for divorce, then read on below as we sharing some helpful information below that might give you an idea as to how the division of marital assets is handled in the state of Louisiana.
What happens to my assets?
In the state of Louisiana, when a married couple acquires property together such as a home or vehicle, it is considered “community property.” That means the property the two of you own was acquired through “effort, skill, or industry of either spouse, such as wages and employee benefit plans, property donated to the spouses jointly and other property not classified as separate” [Source: Louisiana State Bar Association]. Now, your assets will be divided in one of two ways. These include:
- You and your spouse can come together and agree on how the assets are divided up. Now, if you are able to do this without any type of conflict arising, it would only make the task easier to accomplish. However, if you and your spouse are not on good speaking terms or you are unable to get through a discussion without it turning into an argument, then you may want to have a LA divorce lawyer help you. The Baton Rouge, LA divorce attorneys at Miller, Hampton & Hilgendorf are available to provide you with the assistance you need so that you and your spouse can work towards making an arrangement on how you want your assets divided.
- Now, if you and your spouse “cannot agree on what assets and liabilities are to be partitioned to each [other], or what values are to be assigned, the court will determine values and then divide all of the assets and liabilities so each spouse receives one-half of the net value of the joint estate.” Essentially, this means a value will be placed on all of your assets and that amount will be divided equally down the middle between both you and your spouse.
Now, if you believe you are entitled to more than half of the assets you and your spouse have acquired together during the time you were married, it would be in your best interest to hire a Baton Rouge, LA divorce attorney to represent you in your case. The fact is, if there are assets you purchased that you wish not to divide with your spouse whom you are filing for divorce from, our lawyers can help determine if you can maintain full ownership of it.
If you are interested in learning more about the process associated with the division of assets in a divorce and what our lawyers can do to protect some of the assets you believe shouldn’t be divided, contact our office today by calling 225-343-2205.
You can reach Miller, Hampton & Hilgendorf at:
3960 Government Street
Baton Rouge, LA 70806
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