The community property comprises: property acquired during the marriage through the effort, skill, or industry of either spouse; property acquired with community things or with community and separate things, unless classified as separate property under Article 2341; property donated to the spouses jointly; natural and civil fruits of community property; damages awarded for loss or injury to a thing belonging to the community; and all other property not classified by law as separate property.
The separate property of a spouse is not subject to division. It comprises: property acquired by a spouse prior to the marriage; property acquired by a spouse with separate things or with separate and community things when the value of the community things is inconsequential in comparison with the value of the separate things used; property acquired by a spouse by inheritance or donation to him individually; damages awarded to a spouse in an action for breach of contract against the other spouse or for the loss sustained as a result of fraud or bad faith in the management of community property by the other spouse; damages or other indemnity awarded to a spouse in connection with the management of his separate property; and things acquired by a spouse as a result of a voluntary partition of the community during the existence of a community property regime. [Based on Louisiana Civil Code - Articles 2338 and 2341]
What About Community Debts?
Just as assets are to be split, any debt acquired during the marriage is also split 50-50. Both sides are thus responsible for all debt, instead of placing the burden on just one party.
Are There Any Exceptions?
Yes! There are exceptions in every community property division and divorce situation. At the Law Offices of Nathan G. Frazier, we take the time to explain community property, marital assets and marital rights to property so that you can understand what you may or may not be able to retain or obtain. This is why it is important to have an attorney on your side who can negotiate on your behalf to make sure that you never get the "short end of the stick."