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Divorce: Splitting assets upon your split

One of the aspects most readily touched by a couple whose marriage is ending, is finances. Divorce can make people do all kinds of crazy things. When it comes to money and divorce, Louisiana residents should know what they can do so their personal finances are protected in a divorce situation. No one likes to think former spouses would treat each other unfairly, but it does happen.

Louisiana is a community property state, which means all assets amassed during the marriage are typically split equally upon divorce, though there are some exceptions. Considering this law, a couple must figure out their net worth and that includes property and assets like fine art, jewellery and collections. The easiest way to go about this may be to have an appraiser involved in the process.

Investments will also need to be split. Those can include pensions, IRAs, 401(k) accounts, stocks and bonds. These are all subject to taxation; what’s left over is shared. A lawyer may be able to help a client to secure his or her portion of these types of assets and make suggestions on what type of payment would be better for a client’s personal situation. That may be a one-time lump sum payment or payments over a set time frame.

When a Louisiana resident knows his or her rights when it comes to divorce, it may be able to navigate the process much more easily. An experienced attorney can offer advice and guidance when it comes to understanding the financial aspects of divorce and how the law plays into the scenario. When a client has some knowledge of how the law affects his or her own personal situation, some issues may become less daunting.  

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