What You Need To Know About Community Property
If you are headed for divorce in Louisiana, you must start planning for your financial future. Aside from child custody and visitation, the division of property, assets and debts is the most commonly disputed aspect of divorce. The sooner you sit down with a qualified lawyer to assess your specific situation, the better protected you can be against an unfair outcome.
Essentially, all assets accumulated and debts incurred throughout the course of a marriage are considered community property subject to equal division. Please do not assume that a 401(k) or other account is yours alone because it is in your name only, for example.
Decades Of Experience And Key Qualifications To Protect Your Financial Interests
Planning for life after divorce requires an accurate picture of what you can keep and the debt you will have, along with other considerations such as child support or alimony. We at Friley & Dugas, LLC, are attorneys with a professional accounting background who are adept at evaluating complex financial documents and data. Key steps in your case may include:
- Collecting and verifying all relevant financial information and ensuring that your divorcing spouse provides a full disclosure of income and assets
- Obtaining accurate valuations of your home, business interests or other complex, high-value assets
- Documenting your sole right to property that should be considered separate (nonmarital) rather than community property, such as an inheritance or property you brought into the marriage and did not commingle with your spouse’s
Over the past 40 years, we have helped men and women across the economic spectrum in the Baton Rouge area deal effectively with property division in divorce. Whether you have modest wealth or millions, we will work rigorously to help you achieve the best possible results. We also assist couples interested in addressing property division proactively with prenuptial agreements.
In the vast majority of cases, it is best for everyone to settle property- and debt-related matters through negotiation or mediation. Often, this requires exchanges and compromise solutions, and we are diligent in making sure such “trade-offs” are fair to our clients. Should your case require resolution in court, you will have a proven, respected litigator on your side.