DeRidder Property Division Lawyer

Expert DeRidder Property Division Attorney

Determining how property, assets, and debt should be divided between spouses is often one of the hardest decisions people have to make during divorce. A DeRidder property division lawyer can explain how courts in Louisiana view marital property and some factors that may influence a case. In property division cases, a lot is on the line financially, bringing about both emotional and financial weight to those involved.

About Godley Law Firm

Family law matters are personal for both our clients and us. Before attending law school, attorney William L. Godley worked as a professional musician.

Not only did he learn how to play to crowded audiences all over the world, but he also learned how to connect with people of all walks of life. He now brings that same passion and empathy to his divorce and family law clients throughout southwest Louisiana.

At Godley Law Firm, we understand that many of the situations we handle are emotionally charged. We strive to provide clear and objective advice while our clients deal with children, property division, custody, and other uncertainties of divorce. Godley Law Firm serves clients throughout southwest Louisiana, including DeRidder, Oakdale, Ville Platte, Natchitoches, Lake Charles, Kaplan, and many other Louisiana communities.

Understanding Property Division in Louisiana

In Louisiana, the marriage rate was 3.7, and the divorce rate was considerably lower than the national average at 0.9 per 1,000. However, these statistics show that divorce does happen, leading to the need to properly divide property.

During divorce proceedings, Louisiana is considered a community property state. This means that both spouses generally have an equal ownership interest in any assets and debts accrued during the marriage.

Income earned by either spouse and property purchased with those funds are typically divided equally in divorce. Community property may include:

• Real estate, including the family home
• Cars, boats, and other recreational property
• Retirement accounts and pensions
• Bank accounts and investments
• Businesses acquired during marriage
• Debt, such as credit cards and loans

Anything that is not considered community property is called separate property and usually remains with the original owner. Separate property may include:

• Assets owned prior to marriage
• Gifts made specifically to one spouse
• Inheritances received by one spouse individually

Separate property can become commingled over time, creating disputes about ownership. If a spouse owned a home before marriage but later mortgage payments were made with marital income, the property may have to be divided in a divorce.

Common Issues in a Property Division Case

Every couple’s financial situation is different. Some people don’t own much property when they divorce, but others require extensive financial attention.

Otherwise amicable people can still find themselves in disagreement about who gets the family heirloom or who receives what. Common issues in a property division case include:

• Classifying an asset as community or separate property
• Valuing businesses or real estate
• Division of retirement accounts
• Division of debt responsibility
• Accusations of hiding or wasting marital assets

Courts in Louisiana typically divide community property 50/50. However, this doesn’t always mean that each spouse gets half of each asset. For example, one spouse may keep the family home while the other receives a more valuable retirement account. Either way, accurate appraisal and financial records are often important.

In addition to being complex, property division can take a long time if there are many marital assets. Whether going through negotiation or litigation, divisions of large estates can require the help of financial professionals, appraisals, or accountants.

Why Hire a Property Division Lawyer?

Not all divorces are rich in assets. However, they can become complex almost immediately when there is shared property or debt between spouses. For many people, the decision to hire a property division lawyer is made when there is a disagreement about who owns what, the value of certain assets, or whether the division of assets is fair.

Others may hire a property division lawyer when it becomes emotionally challenging to negotiate or communicate with their spouse. Remember, divorce can be a stressful experience. If you have children, a shared home, or financial concerns, the decision-making process can become even more difficult. A DeRidder property division attorney can help you make clear decisions.

FAQs

What Assets Cannot Be Touched in a Divorce?

Assets that cannot be touched in a divorce include property acquired before marriage, inheritance, gifts specifically given to only one spouse, and certain personal injury awards. These can be viewed as separate property and assets in Louisiana that are not divided in a divorce. Certain separate assets can become divisible to a certain extent if they are commingled with community assets or are used toward a common marital purpose.

How Are Assets Divided in a Divorce in Louisiana?

Assets in Louisiana are divided according to community property laws. During divorce proceedings, most property acquired during the marriage is presumed to be jointly owned by the spouses.

This means a court usually divides marital property equally between the parties instead of awarding certain items to one spouse. Examples of marital property may include houses, cars, retirement accounts, and debt. Separate property is generally not divided unless they have been commingled.

Is My Wife Entitled to Half My Savings?

A wife being entitled to half your savings depends on when and how the money was saved. Money earned during marriage in Louisiana is usually considered community property, so both spouses may have a claim to those funds upon divorce. If the savings account was owned prior to marriage, it could be separate property; if marital earnings were added to the account, a portion or all of the account balance may be considered community property.

Can Retirement Accounts Be Divided in a Louisiana Divorce?

Yes, retirement accounts can be divided in a Louisiana divorce. Many times, 401(k)s, IRAs, military retirement, or pension funds that were acquired during marriage are considered community property in Louisiana.

The court generally only divides what was earned during the marriage. What you earned prior to marriage could be considered your separate property. You may need a court order for the divorce court to divide some retirement funds.

Contact Godley Law Firm – Your Trusted DeRidder Property Division Lawyer

At Godley Law Firm, we understand how stressful a divorce can be. We understand property division laws and can advocate for a fair outcome for you so you can focus on your family. Contact us today for a consultation.

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