One of the toughest factors to negotiate in a divorce settlement is that involving the division of marital property and assets. Louisiana is a community property state, meaning that all property and assets amassed during the course of a marriage are split equally in half for each party. At Gregory S. Johnson Attorney at Law, we know that the judge presiding over the case does not taken into consideration either party’s employment, age or health when making this judgement.
This is not the only option for couples who are filing for divorce. People may choose to negotiate the terms of their own divorce settlement through collaborative divorce or mediation. In this situation, couples meet with a mediator or their attorneys to design a divorce settlement that is customized to the couple’s specific needs. In order to accomplish this, however, couples must be able to work well together throughout the negotiation process.
Marital property consists of more than just the family home, vehicles and furniture. There are some items that people may not think of when they are separating property. These include expensive antique, car or coin collections, life insurance policies and memberships to exclusive country clubs or golf courses. Keep in mind that any gifts that spouses give to one another during the marriage are also considered marital and are eligible for division. Gifts given by a third-party, inheritance money and property acquired prior to the marriage are often considered separate and are not eligible for division.
To learn more about property division, visit our page on community property.