Asset Division In A Louisiana Or Texas Divorce

There is a lot to consider when you’re going through a divorce. Reaching an agreement on the terms of child custody, spousal support, or property division can be difficult and stressful. Understanding how property division works in your state is a great first step toward solving these sensitive divorce matters. In the following article, you can discover:

• How the states of Louisiana and Texas handle property division in a divorce.
• The difference between a community property estate and separate property estates, and how they relate to property division.
• When and why you should consider hiring a family law attorney to handle your divorce case.

How Are Properties And Other Assets Divided When A Couple Is Divorcing In Louisiana Or Texas?

Both Louisiana and Texas are community property states, but they still have differences when it comes to dividing property and assets. The major difference is that in Louisiana, the property is divided on an equitable basis. Equitable does not necessarily mean 50-50, because if one party is taking more of the debt, they also get more of the assets.

While asset division is similar in Texas, it can also be punitive. For example, if one party acted badly during the marriage, the property or assets can be divided accordingly in order to right their wrongs.

How Are Debts Divided In Louisiana Or Texas?

In Louisiana and Texas, there are three different estates that the court is going to look at:

• The community property estate; and
• Each party’s separate estate

The community property estate encompasses the debts and assets gathered collectively during the marriage. In Texas, this is from your wedding until the divorce process is finalized; in Louisiana, it is until one party files for divorce.

During that period, debts or assets acquired are called community property and they belong to the community property estate, regardless of whose name it is in. There are, of course, some exceptions, as community property divisions can be incredibly complex.

The court will also review each party’s separate estate. Along with the community property estate, this amounts to a total of three different estates, all comprised of assets and liabilities.

The community property assets and liabilities are presumed to be owned by both parties. The separate estates are owned by each party separately. For instance, a husband’s estate includes debts and liabilities that are his alone, and the same with a wife’s estate.

Things can get complicated when there are interactions between those estates, such as when reimbursement is owed from one estate to the other. This could be from the community estate to the wife or husband’s separate estate, the husband’s separate estate from the wife’s estate, or vice versa. There are a lot of different rules on how to interpret what does or does not belong to each estate.

At What Point Should I Hire A Louisiana Family Law Attorney Or A Texas Family Law Attorney?

Sooner is better when it comes to hiring a family law attorney for your divorce. This is because there are things that you can do to prepare for divorce or property division to make it easier.

What Are The Dangers Of Trying To Handle My Divorce Or Family Law Matters Without An Experienced Family Law Attorney?

Like many legal issues, family law matters involve a certain language, method, and schedule. Certain actions must be taken at a certain time and place, and they must be completed before something else is done.

There are complications with pleading and the timing of the pleadings. There are issues including property division and child support. You may need to ask for certain discovery documents from the other party.

There are a lot of complexities and information that need to be sought and pleas that need to be entered in a certain order. Without a family law attorney, you are likely to forget something, or you may not understand something, so the process may not be completed in a way that protects your best interests.

For more information on the Division Of Properties In A Divorce In Louisiana & Texas, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (318) 798-5559 or (903) 246-9898 today.