Community Property Lawyer in St. Tammany Parish
Receive Fair Treatment During Debt & Asset Division
The moment you have your marriage license approved is legally the start of your marriage. From that point onward, all financial assets, debt, and property acquired by you or your spouse is considered community property within the marriage.
So, what happens to it all during divorce? Setting aside some of the nuance, essentially everything that’s considered community property, or everything obtained from the beginning of marriage to separation, is subject to division. That division, however, needs to be equal in terms of net value.
Are you sure the judge will give you what you deserve in your divorce? Having a competent community property lawyer in St. Tammany Parish assist you during property division is the best way to ensure your interests are in good hands.
What Is Considered Community Property?
As previously mentioned, community property is every financial asset, piece of property, or debt obligation acquired during a marriage by both parties that is evenly divided during divorce. You may not think items like socks, silverware, or your favorite pen are subject to equal division, but they are.
It may seem ridiculous or petty for someone to seek equal division of your personal effects, but under the law they may absolutely be entitled to these items if you got them during your marriage.
Property that a spouse has before a marriage, or acquires after separation, is considered separate property and is not subject to division. This includes items and bank accounts as long as no funds are deposited into such accounts during marriage. If money is added to these accounts while a marriage remains valid, all assets of the account are considered commingled community property and subject to division.
Brokerage accounts and stocks acquired before marriage can also be considered separate property, even if they earn dividends while you’re married. These can be considered community property, however, if you use any income you make during your marriage to buy new stock.
Inheritances are also generally considered separate property, even if acquired during marriage, although some courts may rule that only a portion of these types of funds can be considered separate and not commingled.
If you’re facing property division during a divorce, an experienced community property lawyer in St. Tammany Parish can help. Contact Olsen Law Office online or call us for a consultation at (985) 256-3553.