When you look at everything that you’ve accrued during your marriage, it might be frightening to think about losing any of it in divorce. The reality is that divorces do mean that you’ll likely end up with less than you have in your marriage, but that’s with the trade-off that you’ll be single and able to do what you’d like in your own life.
Despite this, it’s important to know how your assets will be divided. There are two ways that you can divide assets, either through a judge’s decision or by working out an arrangement with your spouse. Louisiana is an equitable distribution state, which means that you are not guaranteed 50 percent of the marital assets. As such, it’s normally a good idea to work with your spouse to come up with a fair arrangement. The process of property division is called community property partitions in Louisiana.
How do you decide how to divide your assets?
One good way to decide is by looking at who worked and purchased the assets. For instance, if you both worked, and both provided for the family, you may want to divide your assets equally. If one person stayed home while the other worked and purchased assets, that person might settle for less with alimony or spousal support while they get back into their career. Remember, the effort put into the marriage matters, too. Staying home to take care of children is calculable, just as going to work is. You have to consider how dividing your assets will impact each other and agree with one another on what is fair.
If you can’t agree, you may try mediation or arbitration. If those aren’t possible, a judge will determine who receives what of your marital estate.