Covington Divorce Asset Division Attorney
Louisiana is a community property state. This means that property and debts accumulated during your marriage are presumed to be community and will be divided equally, including real estate, savings accounts and retirement plan accounts. There are a few exceptions: gifts and inheritances received during your marriage are yours to keep, as long as you kept these assets separate.
At The Law Offices of David Adrian Oriol, LLC in Madisonville, Louisiana, we will guide you through the process of dividing your marital property. With a degree in accounting, lawyer David Oriol is well prepared to ensure that all property and debts are accounted for and that their division is truly equitable between both parties. We serve clients in St. Tammany Parish and surrounding areas on the north shore of Lake Pontchartrain.
What About My Separate Property?
If you brought property to your marriage, those assets are your separate property and do not have to be divided with your spouse as long as you kept the property separate. However, under our state's community property laws, unless you have a prenuptial agreement, it's easy for separate property to become marital property. It's also easy for assets to become hybrid: partially marital and partially separate.
For example:
- If you owned a business before your marriage, but your spouse contributed to the business during your marriage, any increase in the value of your business could be marital property.
- If you owned a house before your marriage, but your spouse contributed to upkeep or mortgage payments during your marriage, a portion of your house could be marital property.
- If you had a 401(k) account or pension before your marriage, the portion earned before your marriage would be separate property but the portion earned after your marriage would be marital.
Am I Responsible for Mortgage Debts if My Spouse Gets the Home?
Even if you are the one who moved out of the house, you and your spouse are both 100 percent responsible for the mortgage. If your spouse stops making payments, you could be responsible for the debt.
For More Information About Asset Protection in Divorce
An experienced lawyer will conduct an honest assessment of your case and advise you on what to do next. To schedule a consultation with a St. Tammany Parish property division lawyer, call us at 985-792-2069 or contact us online.
