The rules that apply to property change when a Baton Rouge resident marries and change again if the marriage ends. All states have specific laws dealing with property division during divorce, including descriptions of separate and marital property. Property settlements in Louisiana are based on community property rules or equal shares of marital property for divorcing spouses.
Louisiana laws concerning marital property are unlike most other states. Most states divvy up divorce assets and debts according to equitable distribution rather than community property laws. Here, unless spouses have made earlier prior financial agreements, property settlements split ownership right down the middle.
Third parties are used frequently to settle disputes of every kind. Many Baton Rouge residents might not be aware family mediation is an alternative to court battles over divorce issues. Qualified Louisiana mediators are more than referees in conflicts over child-related matters and property settlements.
Harold Hamm has been listed as the 28th richest man in the U.S. His mega-wealth will be diminished somewhat as the result of a divorce-related property settlement, recently decided in a 10-day trial. Hamm's wife of 26 years will receive $972 million dollars, a fraction of a fortune estimated to be more than $16 billion.
Property division at the end of a marriage can be determined by spousal agreement or a family court in accordance with Louisiana community property laws. Property settlements are contracts that must be entered in good faith. Spouses may not hide income, assets and liabilities or engage in other fraudulent activities to gain a financial advantage during divorce.
Alimony may be awarded before and after the end of a Baton Rouge marriage. Alimony pendente lite is a spousal support agreement for married couples who are separated but not yet divorced. Spousal support paid following divorce can be temporary or permanent, although temporary alimony is more likely today than in years past, when spousal earnings were not as equal.
A lot of people share a great deal of information about their personal lives online. For better or worse, that information is out there for anyone to see. Sometimes, stating an opinion and sharing feelings feels good, but the consequences aren't always pleasant.
Louisiana spouses may be impatient to move on with their individual lives once a marriage is over. No one experiences a pleasant divorce, so it's understandable spouses want to put the process behind them quickly. Hurrying to divide assets while distracted by emotions can be detrimental to your financial future.
Discussions and articles frequently focus on the legal and emotional issues surrounding the end of a marriage. Information and opinions are plentiful about property settlements, child custody and spousal support – the considerations necessary once a divorce decision is made. Less seems to be written and said about the months or years leading up to the dissolution of marriage.
Baton Rouge spouses may feel hurt and angry when a marriage ends, but many never suspect an ex might try to take advantage of them. Louisiana divorce laws require spouses to divide shared assets and debt in community property agreements. The division often is an even split, unless spouses have some other legal arrangement like a prenuptial agreement.