When you’re working through your property division arrangements or community property partitions as it is called in Louisiana, it can be hard to know what you want to give up. Louisiana is one of a few states that recognizes community property laws, which require an equal split of marital property upon divorce.
While you might be fine with that 50-50 split, that doesn’t mean it’s always going to be simple. To divide your property, you’ll still need to know the value of your marital property and decide how to divide it between you and your soon-to-be ex-spouse.
Here’s an example. If your marital property is worth $250,000 and includes a home, a boat, two vehicles and a hunting cabin, each item might work out to amounts such as:
- $150,000 for your home
- $25,000 for one vehicle
- $25,000 for a second vehicle
- $30,000 for a large boat
- $20,000 for a small hunting cabin
As you can see, even though there is an easy method to see how much each asset is valued at, it won’t necessarily be easy to divide those assets. One person might want the boat, a car and the marital home, while the other might want both vehicles and the small hunting cabin on top of the marital home.
So, how do you divide your property in this case? One option is liquidation. Selling the items gives you cash in hand, which you can then split. You also have other options such as selling only the marital home and keeping other assets or buying your spouse out of certain assets that you’d like to keep and paying them cash in exchange.
Your attorney can talk to you more about your options if you find yourself in a difficult situation with your property division arrangements. Creative thinking can help you resolve this situation.