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Started By
Message
dividing/splitting assets in a marriage separation
Posted on 4/9/21 at 8:40 am
Posted on 4/9/21 at 8:40 am
for couples who have always shared a joint account at a bank (checking savings you name it) how do they separate accounts?
obviously it has to be decided between the two or i guess so it should but what is louisiana law for when accounts must be split once physical separation takes place? i am familiar (or i should say more familiar) with alabama law but not louisiana.
does it change any if an attorney is involved?
if both people make an income does the wife just take hers and the husband takes his? from the time a physical separation takes place? what happens to the money in the other joint accounts? does it just sit dormant so to speak? who has access to use it? or should it just remain as is and leave it until the divorce is finalized?
i'm trying to help a friend without getting too involved. i am inclined to think he needs professional help and he will at some point once physical separation happens.
obviously it has to be decided between the two or i guess so it should but what is louisiana law for when accounts must be split once physical separation takes place? i am familiar (or i should say more familiar) with alabama law but not louisiana.
does it change any if an attorney is involved?
if both people make an income does the wife just take hers and the husband takes his? from the time a physical separation takes place? what happens to the money in the other joint accounts? does it just sit dormant so to speak? who has access to use it? or should it just remain as is and leave it until the divorce is finalized?
i'm trying to help a friend without getting too involved. i am inclined to think he needs professional help and he will at some point once physical separation happens.
This post was edited on 4/9/21 at 8:43 am
8
Posted on 4/9/21 at 8:43 am to Lincoln Dawson
Your buddy needs to document all asset and debt balances as of the separation date. The bank will give all of the money to either party that request it, so be prepared to find an account that may already be zeroed out. He needs to start getting his income deposited into an account with just his name ASAP.
This post was edited on 4/9/21 at 11:58 am
Posted on 4/9/21 at 8:51 am to slackster
what is the beni? pardon my ignorance.
Posted on 4/9/21 at 9:22 am to Lincoln Dawson
They can split it however they agree.
If amicable, the two parties can figure out what’s “fair” in the separation of property. Start by printing statements of every account on the day of separation. From my understanding, it’s pretty much a contractual arrangement.
If not amicable, no idea.
Louisiana is a community property state, so if not contractually agreed to during separation of property, everything accumulated from date of marriage to date of separation is 50/50.
The court will approve their separation of property before the divorce is final. All this is much easier when both parties play nice; spreadsheet of all accounts and who is getting each.
If amicable, the two parties can figure out what’s “fair” in the separation of property. Start by printing statements of every account on the day of separation. From my understanding, it’s pretty much a contractual arrangement.
If not amicable, no idea.
Louisiana is a community property state, so if not contractually agreed to during separation of property, everything accumulated from date of marriage to date of separation is 50/50.
The court will approve their separation of property before the divorce is final. All this is much easier when both parties play nice; spreadsheet of all accounts and who is getting each.
This post was edited on 4/9/21 at 9:28 am
Posted on 4/9/21 at 9:33 am to Lincoln Dawson
Ok so I just went through this (divorce) and I'm currently still going through community property settlement as well.
So upon filing for separation all bank account moneys should be divided in half. One or both parties should open a new account to put their share into. Everything after filling for separation becomes each parties separate funds and any debt accumulated thereafter is that parties responsibility.
Now there are things such as investment accounts that are considered community property and will have to be separated as such during the community property settlement. Basically anything bought or received together during the marriage is considered community property. Hope this helps.
Oh and military pension if applicable is considered community property if the couples marriage overlapped 10 or more years during the retiree's military service. The spouse is eligible to receive up to but no more than 50% of the retired military members pension....I'v learned this the hard way
So upon filing for separation all bank account moneys should be divided in half. One or both parties should open a new account to put their share into. Everything after filling for separation becomes each parties separate funds and any debt accumulated thereafter is that parties responsibility.
Now there are things such as investment accounts that are considered community property and will have to be separated as such during the community property settlement. Basically anything bought or received together during the marriage is considered community property. Hope this helps.
Oh and military pension if applicable is considered community property if the couples marriage overlapped 10 or more years during the retiree's military service. The spouse is eligible to receive up to but no more than 50% of the retired military members pension....I'v learned this the hard way
Posted on 4/9/21 at 9:36 am to CajunTiger78
Oh and in my experience and others I knew, community property is not usually settled prior to divorce decree is served. There are certain things that cannot be done until you have the final divorce decree in hand just FYI.
Posted on 4/9/21 at 9:57 am to CajunTiger78
quote:
Oh and in my experience and others I knew, community property is not usually settled prior to divorce decree is served. There are certain things that cannot be done until you have the final divorce decree in hand just FYI.
Perhaps I should count my blessings. No kids, short marriage. Divided things roughly along our earning split (70/30) and went about our way. Division of property was approved within a couple months of separation, then got divorce decree a few months later. We each kept our own accounts, so no splitting of retirement accounts, pensions, etc. Shifted money between cash accounts to balance out the differences in what was fair for IRA, 401k, etc.
Posted on 4/9/21 at 10:08 am to LSUKTR
apprecite the 411 given here for my friend. i;'m going to ask him to read this thread.
it looks like he is going to stay in the house, she is going to move to a separate place.
the house is only in her name, but again, he's staying, she's leaving. is she still on the hook monthly since the house is in her name? he's not looking to screw her over by not paying the note (he is willing to do that so he has a roof over his head).
but does her money that she wants to separate can he have a legal request for to help pay even though she isn't living there? or is it just one of those gentleman's agreement so to speak until everything gets finanalized and he refinances house in his own name?
it looks like he is going to stay in the house, she is going to move to a separate place.
the house is only in her name, but again, he's staying, she's leaving. is she still on the hook monthly since the house is in her name? he's not looking to screw her over by not paying the note (he is willing to do that so he has a roof over his head).
but does her money that she wants to separate can he have a legal request for to help pay even though she isn't living there? or is it just one of those gentleman's agreement so to speak until everything gets finanalized and he refinances house in his own name?
This post was edited on 4/9/21 at 10:10 am
Posted on 4/9/21 at 10:15 am to Lincoln Dawson
If things are truly amicable, you just decide to split things 50/50 and you each take half out and start your own separate account. If things are going (or have the potential) to get ugly, then take your half (or all or anywhere in between) out of the accounts now and put it in an account in your name only so that she can't drain the accounts. You'd still have to divide things 50/50 in the end, but as they say, possession is 9/10ths of the law.
Posted on 4/9/21 at 10:38 am to Lincoln Dawson
quote:No expert here, but if things are amicable so far, I wouldn't ask her to help pay for the mortgage after she's already moving to a separate place and letting him keep the house. Seems like it might be kicking the hornet's nest.
but does her money that she wants to separate can he have a legal request for to help pay even though she isn't living there? or is it just one of those gentleman's agreement so to speak until everything gets finanalized and he refinances house in his own name?
I'd just get some sort of agreement in writing that the price they agree on for him buying her out of the house gets reduced by whatever amount of principal balance he pays down between her moving out and him refinancing in his name.
Posted on 4/9/21 at 10:56 am to Lincoln Dawson
Just give her everything and save yourself the lawyer fees.
Posted on 4/9/21 at 11:06 am to Lincoln Dawson
quote:I was divorced when I had no assets, so it was simple and she wasnt tempted to even try to take what little we had....
i'm trying to help a friend without getting too involved. i am inclined to think he needs professional help and he will at some point once physical separation happens.
Nowadays I would give the advice to seek professional advice and no matter how nice you think she will be she will find a group of women that encourage her to screw him over. And then she will. She will empty those accounts as quick as a cat can lick its arse. Hell hath no fury wasnt a saying made without a lot of thought.
Posted on 4/9/21 at 11:36 am to Lincoln Dawson
All of this is why I have been so adamant against buying a new house with my wife of 3 years. We have had minor issues from about day 30 and I want to make sure we work things out before I go into communal property. Our house is my house that I bought 7 years before meeting my wife, we have kept separate banking accounts and she has a daughter. So I have drug it out saying that I'm not looking at houses until her daughter is out of the house in a few years, plus the house is nearly paid off and I want to be debt free for a bit.
Posted on 4/9/21 at 11:57 am to Lincoln Dawson
quote:
what is the beni? pardon my ignorance.
A fat fingered attempt to spell bank.
Posted on 4/9/21 at 2:34 pm to LSUKTR
quote:
everything accumulated from date of marriage to date of separation is 50/50.
I don't think this is exactly accurate. I believe inheritance isn't.
Posted on 4/9/21 at 3:15 pm to Warfarer
ive already been through a divorce. i have a great understanding and empathy for people who are about to embark on what i went through.
Posted on 4/9/21 at 3:30 pm to lsu13lsu
quote:
everything accumulated from date of marriage to date of separation is 50/50.
I don't think this is exactly accurate. I believe inheritance isn't.
Correct
Posted on 4/9/21 at 4:40 pm to Lincoln Dawson
I hope that a lot of our issues subside when her daughter is gone as she is a 15 year old lazy shitass. She doesn’t do anything and hides behind her mother for validation.
Posted on 4/9/21 at 8:26 pm to Warfarer
quote:Yikes.
We have had minor issues from about day 30
Posted on 4/9/21 at 11:02 pm to Warfarer
quote:
All of this is why I have been so adamant against buying a new house with my wife of 3 years. We have had minor issues from about day 30 and I want to make sure we work things out before I go into communal property. Our house is my house that I bought 7 years before meeting my wife, we have kept separate banking accounts and she has a daughter. So I have drug it out saying that I'm not looking at houses until her daughter is out of the house in a few years, plus the house is nearly paid off and I want to be debt free for a bit.
They call them single moms for a reason baw
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