Because Louisiana is a community property state, there are different strategies to use to walk away from marriage with all you need to begin a new life.
In some cases, couples wind up fighting over their real estate. In particular, who gets the family home and the vacation home down on the lake, river or bayou.
When a property is more than a “vacation home”
The term “vacation property” denotes many things to different people, but if you own a secondary property out on the water, it could be anything from a small fishing shack to another home worth several million dollars.
It might also be the spot where your son took down his first deer or you showed your daughter your secret sac-a-lait fishing hole. In other words, you are willing to fight to keep the vacation home.
Separating sentiment from value
While there can be many good reasons to negotiate to keep the vacation home in your divorce, you need to approach this from a rational angle. Maybe you figure that your ex-spouse will take the house, and you will live at the vacation property. Have you factored in the extra time that a twice-daily boat trip will add to your commute? How cold, wet and miserable it will be during the winter? And what will you do when a hurricane enters the Gulf?
Make sure your asset trade is worth it
Only you can decide which assets are worth haggling over. If the vacation property is worth fighting to retain, make sure that you can live with the trade-off, whatever it might be. Losing out on retirement benefits in your 20s or 30s is a lot different from walking away from the bigger piece of the retirement pie in your 50s or 60s.
Whatever your decision, make sure it’s a well-informed one. Understanding how Louisiana’s community property laws work can help protect your rights and assets in a divorce.