Legal Definitions - acquets and gains

Acquets and gains is a legal term used specifically in Louisiana law to describe the assets that a married couple acquires together during their marriage. Under Louisiana's unique community property system, these assets are considered jointly owned by both spouses, regardless of whose name is on the title or who primarily earned the income used to purchase them. This shared pool of assets typically includes everything accumulated from the date of marriage until the marriage ends (e.g., through divorce or death), and it is generally divided equally between the spouses.

Here are some examples to illustrate this concept:

• Example 1: Real Estate and Joint Savings
  Maria and David marry in Louisiana. During their marriage, they purchase a house together, making mortgage payments from their combined incomes. They also maintain a joint savings account where they deposit a portion of their earnings each month. The equity built up in their home during the marriage and the funds accumulated in their joint savings account would be considered part of their acquets and gains. This is because these assets were acquired and grew while they were married and subject to Louisiana's community property laws, making them jointly owned.

• Example 2: Business Started During Marriage
  John and Sarah are married in Louisiana. While married, Sarah decides to start a successful consulting business from scratch, using her professional skills and some initial capital from their joint savings. The value of Sarah's business, including its assets, intellectual property, and any profits accumulated during the marriage, would be classified as acquets and gains. Even though Sarah primarily operated the business, it was established and grew during their marriage, making it a community asset under Louisiana law.

• Example 3: Retirement and Investment Accounts
  Emily and Robert marry in Louisiana. Over the next fifteen years, both contribute to their respective 401(k) retirement accounts and invest in a shared stock portfolio using income earned during their marriage. The portions of their 401(k) accounts that accumulated during the marriage, along with the shared stock portfolio, would constitute acquets and gains. These financial assets were acquired and grew through their joint efforts and earnings while they were married, making them part of their community property to be divided if the marriage ends.