Financial negotiations are often the most difficult and tense element of any divorce. Not all couples share children, and many who do agree to share parental rights and responsibilities as evenly as possible. It can be harder to be magnanimous when it comes to financial resources.
Spouses may fight bitterly over what property they have to divide and what solutions are appropriate for different resources. In some cases, one spouse can potentially protect at least a portion of their property from division in the divorce because it is their separate property, not part of the marital or community estate. Those assets can remain their property during and after the divorce.
Assets owned before marriage
Many people wait until they have established themselves professionally and financially to marry. They may have already accumulated a broad assortment of high-value assets by that point. Those assets may remain their separate property after a divorce so long as they do not commingle them with marital property. If someone bought a vintage convertible with funds they accumulated before marriage, they may be able to protect the vehicle from division if they divorce.
Inherited property and gifts
The assets that people receive from outside of their marriage tend to remain their separate property when the marriage ends. An inheritance that someone receives from their parents or grandparents might remain the separate property of one spouse even after a divorce if they keep it separate throughout the marriage.
Commingling by giving a spouse control over assets or depositing them into a shared account can make otherwise separate property vulnerable to division in a Louisiana divorce. Establishing what property is separate can be a crucial step for those preparing for divorce negotiations or litigation in Louisiana. Separate property can give someone a financial nest egg when they begin rebuilding after the divorce. It is often necessary to do a thorough review of financial records to determine what assets are separate and prove that no commingling has occurred.
Learning about the rules that apply during property division proceedings can help people pursue their best life after the end of a marriage. People who know their property rights can lay the foundation for a rapid financial recovery after a divorce.