This is a sample Settlement of Movable and Immovable Community Property for use in divorce proceedings involving community property within the state of Louisiana.
Louisiana Settlement of Community Property, Movable and Immovable
State:
Louisiana
Control #:
LA-581-M
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Under Louisiana law, marital property, or property acquired during the marriage, is distributed equally (50-50) to each party unless the court finds such a division to be inequitable or parties agree to a different formula under which to divide property.
Louisiana is a community property state. This means that spouses generally share equally in the assets, income and debt acquired by either spouse during the marriage. However, some income and some property may be separate income or separate property.
At divorce, community property is generally divided equally between the spouses, while each spouse keeps his or her separate property. Equitable distribution. In all other states, assets and earnings accumulated during marriage are divided equitably (fairly), but not necessarily equally.
When you get divorced, community property is generally divided equally between the spouses, while each spouse gets to keep his or her separate property. Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally.
California is a community property state, which means that following the death of a spouse, the surviving spouse will have entitlement to one-half of the community property (i.e., property that was acquired over the course of the marriage, regardless of which spouse acquired it).
Separate property is property belongs exclusively to one of two spouses. Under Louisiana law, assets acquired by a deceased person while unmarried, or acquired during the marriage by gift, is considered to be separate property.
Louisiana's community property laws assert that all debts and assets acquired during a couple's marriage belong equally to both spouses. A judge dividing community property must make sure that each spouse receives property of equal net value.
If a couple moves from a community property state to a common law state, each spouse retains a one-half interest in property accumulated during marriage while they lived in the community property state.