This is a sample Settlement of Movable and Immovable Community Property for use in divorce proceedings involving community property within the state of Louisiana.
New Orleans Louisiana Settlement of Community Property, Movable and Immovable
State:
Louisiana
City:
New Orleans
Control #:
LA-581-M
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Louisiana Settlement Of Community Property, Movable And Immovable?
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FAQ
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.
Property acquired during a marriage is presumed to be community property under Louisiana law, except for gifts or inheritances that were specifically given to just one spouse.
Separate property brought into the marriage that loses its identity by commingling, replacement, etc., becomes community property. Upon termination of marriage, separate property funds used for the benefit of the community are reimbursed to the spouse whose separate property was used in the amount of 50%, not 100%.
If a married person dies without a will, the surviving spouse inherits a usufruct over the deceased spouse's one-half of the community property until the surviving spouse's death or remarriage.
Infidelity or other ?bad? behaviors do not affect the amount of community property one is entitled to. Also, one is not entitled to more spousal support, child support, or custody rights even if they can prove their spouse had an affair. Today in Louisiana, adultery actually plays a very minor role in a divorce.
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.
Louisiana's community property law establishes a system of principles and rules governing the ownership and management of the property of married persons as between themselves and toward third parties.
Assets acquired by Louisiana couples during their marriage are generally considered community property and are divided into equal shares should they divorce.