Divorce not only signifies the end of a marriage but also marks the need to divide a life that was built together. In Louisiana, any property that was acquired during the marriage is governed by the state’s community property laws. Connecting with a skilled Lafayette property division lawyer can be instrumental in navigating the nuances of these laws.
With over a quarter of a century of family law experience, Eric S. Neumann, Attorney at Law, can ensure a fair distribution of assets that satisfies both parties. Enlist the support of a Lafayette partition of community property lawyer to ensure your case is settled with the help of an experienced team.
The community property system in Louisiana dictates that most property and debt accumulated during the course of a marriage belong to each partner equally. However, the assets perceived to be shared under Louisiana law might not be shared in practice. As a result, contention can build and disrupt the divorce proceedings.
A specific asset is deemed to fall under community property guidelines if it was acquired during the marriage using joint funds or the effort of either spouse. This can include a piece of real estate, vehicles, furniture, and even financial investments in the stock market. Many are surprised to also learn that income earned by either spouse is also considered community property, in addition to outstanding debts.
While community property law is very clear, there are exceptions. If there is evidence that an item was acquired before the marriage was official, this could help it be classified as a piece of separate property.
A receipt of purchase can be used to make this claim. In addition, personal gifts or items inherited through other family members could also fall outside of community property guidelines. To ensure this is true, an attorney will need to collect evidence and documentation to prove separate property status.
There is also the possibility that both spouses agreed that certain items be considered separate property by creating a postnuptial agreement. This is a useful option for couples to assess their own assets and make their own agreement if they both find themselves on the same page. Even if an item is technically considered community property based on when it was purchased, it can be overridden by a prenuptial agreement created by an attorney and signed by both parties.
Divorce proceedings can sometimes turn into intense negotiations over the division of assets. The financial and emotional implications can be overwhelming to comprehend, and executing an argument with a clear mind can be nearly impossible. This is why hiring a seasoned divorce attorney who has helped others in similar scenarios is advised.
Some of their largest contributions include:
This includes challenging assets, such as a business that is still running, retirement accounts, and real estate holdings. An accurate valuation of all items is a key component to the fair division of assets in any divorce and should not be taken lightly.
A property division lawyer knows when to use outside resources to ensure they are giving the most sound advice. This can make the difference between an average settlement and one that exceeds expectations.
While this list may seem comprehensive, it is just a sampling of the value a Lafayette property division lawyer can add to your case. Finding the right lawyer to handle your case can make a lasting impact that extends far beyond the end of your marriage.
If you are in the midst of a divorce and need assistance dividing key property assets, contact the property division attorneys at Eric S. Neumann, Attorney at Law, today. No matter how complicated the assets within your marital estate may seem, we have the knowledge and experience to guide you through the process and help both parties reach a fair agreement.
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