In the event of a divorce, couples have many financial things to worry about in Louisiana. One issue that may get overlooked but that requires some attention is the tax ramifications. When property is split during the divorce settlement process, couples need to be aware of how some property divisions may be taxed to avoid high taxes or being hit with serious penalties.
One issue that many people overlook during their divorces in Louisiana until after they are over is debt. While they are so busy focusing on getting their share of the marital property, they forget to consider who gets the marital debt. Joint debts that couples accumulate during their relationships do not disappear. Some debts that were acquired by one spouse can become the responsibility of both parties.
In a Louisiana divorce, you want to be sure to know all the assets and income you and your spouse have. This is the only way to ensure they are properly divided during the proceedings. While a judge can compel your spouse to disclose all information to you and at Gregory S Johnson Attorney at Law we can help you discover assets, it really falls to you to be vigilant and watch for signs your spouse may be hiding things from you and trying to keep assets from being revealed.
Going through a Louisiana divorce is difficult. You struggle with the ending of a relationship and try to figure out how to go forward. In addition, there is the issue of dividing property. Sometimes this happens easily, and you can come to quick agreements on who gets what. Other times, though, you may end up in a dispute over an item. This may be especially true when it comes to family heirlooms.
When you file for divorce in Louisiana, you are required to include a comprehensive list of your marital property, or the property and assets that were amassed during the course of the marriage. The court-appointed judge will then take the marital property, or community property, and divide it equally in half. According to Louisiana statutes, each party is entitled to half of the community property. In some cases, spouses may try to hide marital property or assets away so that they can keep it all to themselves.
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.
Louisiana is a community property state. This means that in a divorce, assets acquired during the marriage are seen as belonging to both of you equally, according to the Louisiana State Bar Association. Assets that are not acquired during the marriage are usually not considered community property and are called separate property.