If you are going through a divorce in Ruston, Louisiana, property division may seem overwhelming. This is especially true for couples who have been married long enough to accumulate significant assets.
You need an experienced Ruston property division lawyer who understands the challenges of these complex matters. At Knight Law Firm, our attorney has 20 years of legal experience helping clients through these difficult times.
Contact us today at (318) 722-8447 to schedule a consultation and let us get started putting together a winning strategy for you. We will work tirelessly to help you get the best possible outcome so that you can move on with your life.
How Knight Law Firm Can Help With Your Property Division Case in Ruston, LA
Property division matters in Ruston, Louisiana can quickly become complicated. When significant assets are involved, emotions also run high. We understand that you want to achieve a fair outcome, and we are here to help you do that.
Residents of Ruston, LA, have come to trust Knight Law Firm for all their family law matters, including divorce, spousal support, child custody, property division, and more. Some of the ways we can help with your case include:
- Listening to your goals and priorities so that we can work to help you achieve them
- Identify and classify property as either community or separate property
- Obtain accurate valuations for all property to work toward a fair division
- Negotiate a settlement that helps protect your interests
- Take your case to court when negotiations stall and present evidence to the judge to help you get a favorable outcome
Let Knight Law Firm be your trusted ally during this process. We will guide you every step of the way and be there to answer all your questions. Contact us today to schedule an initial consultation with our award-winning Ruston family lawyer.
How Is Property Divided in a Louisiana Divorce?
Louisiana is a community property state. This means that all property acquired during the marriage is considered jointly owned by both spouses. During a divorce, property is divided between the spouses as equally as possible.
Separate property is typically not subject to the property division process during a divorce. Separate property is any property that is considered to be owned solely by one spouse. Some common examples of separate property include:
- Assets owned by one spouse prior to the marriage
- Property or assets received by one spouse through inheritance
- Damages awarded to one spouse for separate property
- Property purchased by one spouse solely with proceeds of an inheritance
Louisiana law states that community property is to be split so that “each spouse receives property of an equal net value.” There may be some exceptions to this rule, such as the presence of a valid prenuptial agreement. In that case, the terms of the prenuptial agreement are usually followed.
Even though a 50/50 split is the ultimate goal in most property division matters, not every asset may be split. The goal is to achieve an overall 50/50 split in terms of financial value. For instance, one spouse may wish to keep the family home. The other spouse may receive other property with a similar value to make up the difference.
If you have questions about how property is divided in a Louisiana divorce, contact Knight Law Firm today. We can answer all your questions and help you through this often difficult process.
How Are Ruston Property Division Disputes Resolved?
Ideally, both spouses will be able to reach an agreement on how the property should be divided. Traditional negotiation is often used to come to an agreement. At other times, mediation can be an effective method of resolving property division disputes.
During mediation, an objective third party hears evidence from both sides. The mediator may help each side identify strengths and weaknesses associated with their position. Through this process, the mediator can help facilitate negotiation and help the parties come to an agreement.
Mediation offers many benefits, including:
- Less expensive than traditional litigation
- You have more control over the final outcome of your case
- Mediation can typically be scheduled quickly, thus leading to a quicker resolution of your issues
- Discussions that occur at mediation remain private and confidential
- Reaching an agreement can help you and your former spouse maintain an amicable relationship
In some cases, arbitration may be used to resolve property division disputes. Like mediation, arbitration is usually faster and less expensive than litigation. However, arbitration does require that you give up some control over the outcome of the dispute. An arbitrator will hear evidence from both sides and make a binding decision that both parties must adhere to.
If an agreement simply cannot be reached and arbitration is not used, a trial may be needed. Both parties will present their evidence and arguments to a judge. After hearing all the evidence, the judge will make a final decision about how the property will be divided.
Schedule a Consultation With a Ruston Property Division Lawyer Today
If you are going through a property division dispute in Ruston, Louisiana, contact Knight Law Firm today. We can explain all your legal options and give you sound legal advice on the best approach to get the outcome you desire. Contact us today to schedule a consultation with a Ruston property division lawyer and let us put our experience to work for you.
