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What does community property mean?

If you are getting a divorce in Louisiana, you have likely heard the term “community property.” This is a term related to how your assets will be divided between you and your spouse. Only a few states, such as Texas, use the idea of community property. All other states use equitable distribution. There is a big difference between the two concepts, so you should make sure that you understand Louisiana law.

The Huffington Post explains that community property refers to the method used by the court to divide property. In this case, that is dividing it equally. Fairness, which is the main deciding factor in equitable distribution states, does not come into play. The court simply looks at your assets and divides them up without concern for any other factors.

Child support and alimony, for example, are determined by taking many factors into consideration, such as earning potential, who cares for the children, health issues and current living situations. When it comes to property distribution, though, such factors are not even looked at. The court keeps it very simple, which means that you could lose assets that you are currently using, such as the family home.

Do keep in mind that the idea of community property really only comes into play if you go to court and have a judge make decisions about asset distribution. In most cases, you will negotiate with the help of your attorneys to decide who gets what. This information is only intended to educate and should not be interpreted as legal advice.

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