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Saturday, 9 January

Divorce Property Settlement

Unless the parties before or during the marriage entered into a matrimonial agreement excluding or modifying the legal regime of community property, generally speaking, everything acquired by the spouses while residing in Louisiana is owned equally by them.

Property owned before marriage, individual gifts during marriage and property inherited are considered separate property and generally not subject to division when the community regime terminates (Louisiana Civil Code Article 2341).
Community property is that which is acquired during the marriage through the effort, skill or industry of either spouse, such as wages and employee benefit plans, property donated to the spouses jointly and other property not classified as separate. If the parties cannot agree on what assets and liabilities are to be partitioned to each party, or what values are to be assigned, the court will determine values and then divide all of the assets and liabilities so each spouse receives one-half of the net value of the joint estate.