Q: Question regarding community property
I’m married in Louisiana. My spouse and I both had property before we married. Specially, he has an automotive business That he continued to pay for well into our marriage. I cannot find a clear answer on whether or not property owned before marriage means property paid in full or just property even if it has a mortgage.
A: The auto business itself would be his separate property. However, assuming the two of you don't have a prenuptual agreement, the profits gained from the business during the marriage would be community. Also, if you divorce and community funds were used to make mortgage payments on the business, you may be entitled to reimbursement for contribution for your portion of the community's payments (1/2). Feel free to give me a call if you have any further questions.
A: The property would be classified as separate property (we go by date of acquisition in Louisiana). However, in the event of a divorce, you would have a claim for reimbursement for some of the community funds used to benefit his separate property.
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