In divorce proceedings, the expression “property” refers to both intangible and tangible possessions. Tangible property entails land, houses, electronics, campers, boats, and vehicles while intangible property entails bank accounts, pensions, and retirement funds.
All property is categorized as a community or separate possession. All possessions owned by someone before they were married are considered separate property. However, any property you acquired together with your spouse during marriage is regarded as community property.
Fruits of Separate Property
According to Louisiana law, both the civil and natural fruits of separate spouses’ property are community property. For instance, the cows you owned before marriage are yours but the revenue or milk produced during your marriage from the same cow is considered community property.
However, a spouse can reserve the fruits of their separate property per a notary or authentic act. In case of need, you can consult with a real estate attorney in Lake Charles, La.
Presumption of Community Property
In this state, there is a presumption of all debts and assets obtained during marriage regarded as community property. However, during the split of community possessions, the presumption ought to be rebutted to secure the distinct property of each spouse.
At times spouses commingle their distinct property to become community property. And since one partner may have a bigger portion than the other, it necessitates examining of documentation and records to rebut the supposition that the whole property is community property.
On the marriage date, automatically, the couple enters into what’s referred to as the matrimonial regime. In Louisiana statute, it’s defined as a structure of laws that control the management and ownership of property between married partners in addition to third parties. Basically, the matrimonial regime considers who and when the properties acquired in marriage can go to. The three kinds of matrimonial regimes are contractual, legal and partly-legal partly contractual.
When the moment of dividing community property comes, both partners can either agree or allow the court order to itemize the property to be owned by which spouse. And since both of you are entitled, you are permitted to precisely own half of any possession in the treasure chest despite the amount contributed by one or the other. Thus, a legal regime entitles each of the couples to half of the whole community property.
General Separation of Property
With some couples, sustaining the community property legal regime operates well, but for others, they are fine with the matrimonial agreement when handling separate property. Whichever the case, it’s a good idea to consult with your spouse and decide on what works better for the interests of both of you.
When possessions are in distinct regimes, every spouse may utilize and enjoy their personal property as per their desire and without the permission of their partner. That means, they can sell, donate, use, or gift any of their separate property. Nevertheless, questions will still arise regarding the shared liabilities and expenses.