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Property division in a divorce: How transparent is your spouse?

On Behalf of | Jan 17, 2024 | Divorce

Transparency is crucial to ensuring a smooth property division process during divorce, given that marital property is split equally in Louisiana. Therefore, you may be left short-changed if your spouse is less than forthcoming about financial matters.

Picture your spouse withholding or manipulating financial information to suit their needs during the divorce process. It can have significant consequences for your financial future once the dust settles. Being vigilant and avoiding presumptions is key when navigating the complex legal terrain.

Stay informed

It helps to have an understanding of what is at stake. Keep abreast of all community property and debt accumulated during your marriage. This includes real estate, bank accounts, retirement accounts, investments, vehicles, personal property and any outstanding loans or debts. It can help you know when something seems off and make informed decisions.

Do not take any chances. Collect supporting documents for each asset and debt. Bank statements, tax returns, mortgage documents, loan agreements and other relevant financial paperwork serve as tangible evidence of the assets and liabilities in question. 

It is equally prudent to be wary of hidden assets. It sometimes involves following a complex paper trail to ensure you do not lose out on assets you have a rightful claim to.

There is no room for dishonesty in a divorce

If you notice any red flags or suspect your spouse is not being transparent, taking quick and decisive action can make all the difference. Do not wait until it’s too late, as this may complicate efforts to recover your rightful share of the marital estate.

Seeking legal guidance is prudent. It can help you understand your rights, what you are entitled to and the best response to any hurdles you may encounter during the property division process.