Louisiana is a community property state, meaning that property and debts acquired during the marriage shall be split equally, unless the parties reach an agreement independent of a court ruling. The community property comprises: property acquired during the marriage through the effort, skill, or industry of either spouse; property acquired with community things or with community and separate things, unless classified as separate property under Article 2341; property donated to the spouses jointly; natural and civil fruits of community property; damages awarded for loss or injury to a thing belonging to the community; and all other property not classified by law as separate property. The separate property of a spouse is not subject to division. It comprises: property acquired by a spouse prior to the marriage; property acquired by a spouse with separate things or with separate and community things when the value of the community things is inconsequential in comparison with the value of the separate things used; property acquired by a spouse by inheritance or donation to him individually; damages awarded to a spouse in an action for breach of contract against the other spouse or for the loss sustained as a result of fraud or bad faith in the management of community property by the other spouse; damages or other indemnity awarded to a spouse in connection with the management of his separate property; and things acquired by a spouse as a result of a voluntary partition of the community during the existence of a community property regime. [Based on Louisiana Civil Code - Articles 2338 and 2341] What About Community Debts? Just as assets are to be split, any debt acquired during the marriage is also split 50-50. Both sides are thus responsible for all debt, instead of placing the burden on just one party. Are There Any Exceptions? Yes! There are exceptions in every community property division and divorce situation. At the Law Offices of Nathan G. Frazier, we take the time to explain community property, marital assets and marital rights to property so that you can understand what you may or may not be able to retain or obtain. This is why it is important to have an attorney on your side who can negotiate on your behalf to make sure that you never get the "short end of the stick." To learn more about divorce, separation, child support or child custody matters, call 337-981-3577 today. The law office of Nathan G. Frazier is located in Lafayette, Louisiana and provides legal representation to clients throughout Louisiana, including the cities of Lafayette, Abbeville, Breaux Bridge, Church Point, Crowley, Franklin, Opelousas, New Iberia and Rayne and throughout Lafayette Parish, St. Martin Parish, St. Landry Parish, Acadia Parish, Vermilion Parish, Jeff Davis Parish and St. Mary Parish. Legal Disclaimer This website does not offer you legal advice nor does it constitute the creation of an attorney-client relationship. This website contains general information and is no substitute for talking to a licensed attorney. If you need legal assistance, you must call and speak to me or another licensed attorney in your area as soon as possible. Many legal actions and defenses are subject to strict time limits so you must act quickly to protect your rights. |
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Family Law >
Community Property |
