Louisiana Community Property Partition Form For Trust
Description
How to fill out Louisiana Petition For Partition Of Community Property With List Of Commercial Property?
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FAQ
In Louisiana, the partition process arises when immovable property (real estate or land) is owned by multiple co-owners and the co-owners cannot agree on how to divide the property. The rights of any co-owner to partition are definitive and automatic if exercised.
Civil Code. CC 807 ? Right to partition; exclusion by agreement. No one may be compelled to hold a thing in indivision with another unless the contrary has been provided by law or juridical act.
In Louisiana, property partition can be either voluntary or involuntary. Voluntary partition occurs when co-owners agree to divide the property through a written agreement or a court order. Involuntary partition, on the other hand, occurs when one co-owner sues the other co-owners to divide the property.
In Louisiana, any assets that you will acquire during the subsistence of marriage is considered community property unless otherwise classified as separate property. Under this system, both spouses are entitled to equal share(50-50) of the interest in all assets acquired during marriage.
With few exceptions, the court will first value all of a couple's community property and assets. Those assets are then divided so that each spouse receives one-half of all their community property. In some cases, the court may order that certain assets be sold and the proceeds be split equally between the two spouses.