Community Property Attorneys in Lake Charles
Dividing Your Assets & Debts Fairly During Divorce
One of the most complicated parts of the divorce process is the property division stage, when shared assets and debts that have accumulated in marriage must be divided. Deciding who receives certain physical possessions and property like investments and loans can be challenging, especially when both parties desire ownership of the same properties. It’s crucial that you hire a family law attorney to provide needed counsel on any property division matter that may arise. Our Lake Charles community property attorneys have more than 100 years of combined experience in family-related matters and can provide the support you need during this time. When you have complex problems, Sudduth & Associates, LLC can provide creative solutions.
Contact our caring team online or by phone at 1-833-SUDDUTH for a consultation. The sooner you act, the sooner we can get started on your case and help you through your divorce efficiently and effectively.
Community Property Vs. Separate Property
Each state has its own laws regarding the classification and division of property during divorce. Louisiana is a community property state, which means only property acquired during marriage can be divided during divorce.
Community property, or marital property, refers to most property that is acquire during marriage, barring inheritances or gifts, while separate property is owned by own spouse only or was acquired before marriage. State laws generally assume that all assets that belong to a couple are community property.
Separate property also includes profits, rents, and issues associated with property that was acquired before marriage or was received after marriage by gift or inheritance.
Types of Community Property
Community property includes physical property, financial property, and investments and debt. It’s important that a lawyer is by your side throughout the division process to protect your separate property interests and ensure you’re receiving what is rightfully yours.
Types of community property can include:
- Physical property, including furniture, cars, boats, and more
- Investment assets, stock portfolios, and trusts
- High-value homes
- Pensions and retirement accounts
- Family-owned businesses
- Professional practice interests and inventory
- Credit card debt
- IRS tax debt
Helping You Hold onto Your Home
During divorces, spouses may want to keep their marital home, which requires both parties to come to an agreement. Another option is for the spouses to sell the property and divide the proceeds. Our attorneys are skilled in negotiations and can help you and your spouse come to a mutual understanding regarding your home. We understand that your home contains precious memories and that you may want to hold onto it, especially if you have children or grandchildren.
How Does Property Division Work?
Because Louisiana is a community property state, in general, the following is established:
- Spouses own almost all property acquired during marriage equally, regardless of whose name the property is in
- Debts accrued during marriage are debts of the couple
- Half of each spouse’s income is owned by the other spouse during marriage
Thus, community property is distributed equally to each party unless the parties agree to a different method of dividing property. For a divorce to be finalized, you must create a community property settlement to be recorded in public records and approved by the court. Our lawyers can help you divide all types of marital property. We have the resources needed to consult outside experts in all property division matters.
Call 1-833-SUDDUTH today to reach one of our community property attorneys in Lake Charles. Our team is committed to serving our community and is well-versed on Louisiana state laws and regulations.
Over 100 Years of Collective Experience
Former Prosecutor Who Knows Both Sides of the Law
Long Roots in the Local Community
Cutting-Edge Technology to Bring You More Convenience
Collaborative Approach to Your Case
Highly Communicative & Responsive
“If having someone on your side that gives a 110% and delivers a quality product is important, then James Sudduth III comes with my highest personal recommendation.”- Chris
“Throughout the entire ordeal, James could not have been more professional, courteous and knowledgeable regarding my employment issue. He was prompt with his responses and could not have shown more compassion for the issue.”- Former Client
“James & his caring team of professionals are a cut above the rest. They truly care about the legal issues I face, and aren't just 'going through the motions.' It's been a tremendous help during this transitional period in my life to have Jame”- Ashley