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Marital Property Division

If you are involved in a divorce and you have property, you need a Baton Rouge property division lawyer. Louisiana is a community property state. In general, this means that spouses jointly own property that they acquired during their marriage. At the end of the marriage, each party has the right to demand that the jointly owned property be divided between them. Often, the division of their property (also called a partition) is made by agreement. Sometimes, however, a court is asked to get involved. In either event, the Cosenza Law Firm can help you protect your rights.

Deciding if something is community property or is owned separately by one of the spouses is not always easy. A simple rule of thumb is that if property is “community” if its purchase was the result of the combined effort of the couple. Even this concept is not that simple. If a husband has a job and his wife stays home caring for the house and children, a car they buy with his salary is “community” property. The wife is considered to have contributed to her husband’s ability to work by her labor at home.

Separate property, on the other hand, is property that has not been acquired by virtue of the couple’s efforts. Inherited property is a good example of this principle. If your wife’s mother leaves her $100,000 in her will, that money is your wife’s separate asset. However, if she uses the money to by a certificate of deposit at a bank, the interest her separate property earns is community property. Another example of separate property is the money a spouse is paid for “general damages” in a tort case. If your husband is injured in a car accident, his “pain and suffering” may be worth money. If an insurance company pays him $100,000 for his “pain and suffering”, that money is his separate property.

The community ends when one of the parties dies. It also ends when the parties divorce. In most cases, the termination date is the date the petition for divorce is filed. If the termination is based on the divorce petition, there must eventually be a judgment of divorce in order for the termination to take place. Couples who divorced in a Baton Rouge area court should consult with a Baton Rouge marital property lawyer.

When the community ends, one of the jobs you should ask your divorce lawyer to do is to help you split up the community property. The first step is to figure out what is community and what is separate. This is not always easy. If your wife deposited her inheritance into your joint bank account, you may be able to argue that she donated the inheritance to the community. A spouse can change separate property into community property by donating it.

Most people have community debt, too. Most couples have a combination of credit card debts and mortgage debts from home and vehicle purchases. When the community assets are divided, it is customary for the debt to be divided as well. The goal in most cases is for each person to receive – net of the debts - half of the property.

This description of what happens is an oversimplification of the process. The process of dividing property and debt is complicated by numerous factors. For example, creditors do not care that your husband has agreed to pay the mortgage on the house in exchange for your giving him your half of it. If he defaults, the mortgage company will sue both of you. In exchange for this risk, you may want to ask for more than one-half of the net community. You may want to insist that the house be sold and the mortgage paid from the proceeds.

An experienced property division attorney in the Baton Rouge area can help you negotiate an agreement that is fair. The Cosenza Law Firm has helped many clients equitably divide their community property.

These days, most people have a pretty good idea of what their property is worth. Banks and investment companies can easily provide statements of value. But the value of some assets is debatable. In such cases, there are appraisers a couple can hire to professionally value assets such as household furnishings, vehicles, and collections.

If you and your spouse owned a business during your marriage, it will be necessary to figure out its value in order to fairly divide your marital property. You can hire an expert business appraiser for this purpose. That expert will need a great deal of information in order to advise you, your opponent, and the court about the company’s worth. The information will be gathered from documents such as profit and loss statements, financial statements, and tax returns.

Once you and your spouse (and your lawyers) have agreed on a division of your community property and debt, you will probably sign a community property settlement agreement. Your lawyer may ask the judge in your case to approve it. If you transferred real estate in the document, it should be recorded in the records of the Clerk of Court. The agreement is a binding contract. Except in unusual cases, once you sign it there is no opportunity to renegotiate its terms. If one or both of you have retirement benefits such as pensions or profit sharing plans, there will probably be another document that must be prepared called a “qualified domestic relations order”.

Remember that just because you hire a lawyer to get you a divorce does not mean he or she has agreed to represent you in a partition of your community property. Obtaining a partition of your property will take you and your lawyer additional time and will cost you more money. If you want your lawyer to perform that service, you must make that expectation clear, preferably in a fee agreement.

The Cosenza Law Firm has experience in resolving complex property division issues and drafting divorce settlement agreements. If you are getting a divorce, Mr. Cosenza can help you protect your property rights. Call him today in Baton Rouge at 225-381-8181 or in Gonzales at 225-647-6644.

What Our Clients Say
★★★★★
I highly recommend Louis
I hired Louis to represent me in my custody battle. From the start he was upfront and honest with me, if he said he was going to do something he did it and he never attempted to settle for anything less than what I was asking. He was not afraid to go head to head with opposing counsel which is what we ended up having to do. Thanks to Louis and his experience and knowledge of family law we won our case. I highly recommend Louis and will always use him for my future family Court needs.
Caleb
★★★★★
Brilliant Mind and Excellent Communication
I had no idea how to even look for an attorney when I found myself needing one. Mr. Cosenza is the best attorney I have encountered, and I took a lot of time finding one. He is brilliant in matters of the law. He approached my case from every angle. I am so thankful he was my attorney. I started out knowing absolutely nothing about court related matters. He answered even my smallest questions and guided me through to understand what was best for me and my children. He was excellent in communication with quick replies. He will have all of my recommendations.
Becky
★★★★★
Attorney Cosenza at his craft
My journey with Mr. Cosenza began nearly 3 years ago when I contacted him about divorce proceedings. During our initial consultation he told me exactly what to expect and we discussed cost, which I thought reasonable. After retaining him as my attorney and finalizing my divorce, things became fairly intense during the negotiation of the property settlement; yet he was relentless and tenacious. In the end, we prevailed victorious and everything came together perfectly. Attorney Cosenza always responded in a timely manner to my many calls, emails and texts. He gave clear, detailed, rational explanations of what I could expect. His work on my case has been life changing, in the best way possible. I am forever in his debt.
Sean
★★★★★
He does his very best
Working with Louis Cosenza truly helped to make my very difficult emotional and legal situation feel much more comfortable as I knew his experience and expertise was there to support and guide me. He knows the law and he does his very best to use that knowledge to represent his clients in and out of the courtroom.
Craig
★★★★★
Hands down the best experience I’ve had with a lawyer
I would like to start by saying I am from TX and my ex wife tried to file a judgment in LA. I contacted a number of lawyers that explained to me that this maybe a process that they could look into. I spoke with Mr. Cosenza with his 30 plus year of experience and he assured me this was not going to be a issue. He was very informative on the proceedings that where going to take place. He couldn’t have called it any better. There wasn’t even a need for me to travel to show in court. It is definitely worth a little extra to hire one of the best. I hope I hope won’t be needing his help again but if I do need another lawyer in LA. I won’t hesitate to contact him and he will be my lawyer again.
Michael