Louisiana couples who are contemplating divorce face several challenges. One of those challenges is how to account for property division. This can be especially difficult for couples who own multiple real estate properties. Discussing this topic in advance can help avoid tensions in the future.
When it comes to dividing up property, one important issue is determining whether each spouse wants to keep the home. Some couples prefer to sell the house and split the profit. In other cases, however, one spouse wants to remain in the home. In this event, the spouse who wants to stay typically buys out the other spouse. Couples with young children will sometimes agree to wait to sell and allow one spouse to live in the house until the children are grown.
Leaving emotions behind and making logical decisions is pivotal in these situations, though not always easy. When couples cannot agree on what to do with shared property, a judge will often step in to resolve the matter. Various factors are then taken into consideration, including who specifically owns the property, how it was maintained and whether the value of the home increased during the marriage.
Even when couples plan ahead in regard to splitting their shared properties, the process can still be difficult. Each spouse could greatly benefit from retaining the services of a skilled Louisiana family law attorney. The parties, alongside their respective attorneys, can then proceed to address the complexities of property division matters and other divorce issues. With the right guidance, it is certainly possible to achieve a fair and comprehensive settlement.
Source: orlandosentinel.com, “Handling real estate during a divorce“, Alison Bowen, Mar. 1, 2017