New Orleans Partition Of Property Lawyer

PARTITION OF COMMUNITY PROPERTY

In Louisiana, a community property partition is the process of dividing the communal assets and debts of a married couple during a divorce. This means that any assets or debts acquired during the marriage are typically considered to be owned equally by both parties, regardless of who physically possesses the item or who incurred the debt.

When a couple divorces, their community property must be divided equitably, which usually means splitting it 50/50. This can include everything from houses and cars to bank accounts and debts. If the couple can agree on how to divide their property, they can submit a settlement agreement to the court. If they cannot agree, a judge will divide the property for them.

It’s important to note that only property and debts acquired during the marriage are considered community property. This does not include things like gifts, inheritances, or property acquired before the marriage, which are considered separate property.

Our attorneys can be of great help in a Louisiana community property partition in the following ways:

1. Understanding the Law: Divorce laws and property division can be complex. We can help you understand the nuances of Louisiana’s community property law and how it applies to your specific situation.
2. Identifying Community and Separate Property: We can assist in identifying which assets and debts are considered community property and which are separate property. This is key to ensuring an equitable distribution.
3. Valuation of Assets: Some assets like businesses, retirement accounts, or real estate, can be difficult to value. An attorney, often with the help of other professionals, can ensure that assets are valued accurately.
4. Negotiation: An attorney can negotiate on your behalf to reach an agreement with your spouse about the division of property. If an agreement can’t be reached, an attorney can represent you in court and advocate for your interests.
5. Documentation: An attorney can ensure that the division of property is documented correctly and legally. This can be crucial in avoiding disputes in the future.
6. Financial Consequences: There may be tax implications and other financial consequences related to the division of assets. An attorney can help you understand these implications and potentially work with financial advisors to mitigate negative consequences.

The attorneys at Sunseri Law Firm, LLC strives to “Make The Complex Understandable”. If you have any questions, contact The Sunseri Law Firm, LLC today to schedule a consultation.