Louisiana residents may not give a lot of thought to how the ownership if their property is structured when they are in a happy and committed marriage. For example, if their family home keeps a roof over their head they may not have concerns over whose name is on the deed. However, how property is owned and when it is acquired can have an impact on its ownership and how it will be treated if a couple decides to go through a divorce.
Different states follow different property laws, and Louisiana residents who are divorcing will be subject to the state’s “community property” laws for marital property. First, property may be considered separate or marital. Separate property is property that is owned by one marital partner and is not converted to marital property through use. Martial property is the property that individuals acquire once they are wed and martial property in Louisiana is considered community property.
Community property means that the married couple equally owns assets they share. For example, if in a marriage one partner works for an income and the other works to support the family at home, all of the money that is put into their marital savings account is considered owned by both parties, even though only one is earning the money.
During a divorce, marital property is divided based on the facts present during the case and the community property laws of the state. Getting help to understand property needs is an important part of negotiating a divorce.
