Debt Division in a Thousand Oaks Divorce
Dividing Debt and Assets in Divorce
Any debts incurred by you or your spouse after the date of your marriage and before the date of your separation are considered community debt under the laws of our state. This means that you and your spouse are both equally responsible for these debts, regardless of which party actually incurred them.
Common Debts in California Divorces
Any debts incurred during the course of a marriage will be divided in the same way community property assets are divided. This includes:
- Student loans
- Joint credit card debts (credit card debt in one spouse's name only is generally that spouse's responsibility)
- Auto loans or mortgages in both spouses' names
- Medical debts
In some cases, it may make sense for you to take responsibility for certain debts while your spouse assumes responsibility of others. In the event that both of you will continue to share responsibility for any one debt, it will be important to take measures to protect yourself in should your spouse fail to pay the agreed payments. Another option could be for one of you to assume responsibility for a larger portion of your debts, while at the same time receiving more of the assets in exchange. The goal is to divide the assets and debts in such a way that the net value for each spouse is roughly equal, but there are many different ways to reach this goal.
Divorce Attorney in Westlake Village - Dividing Debt in Divorce
Dividing your debts and assets in a way that is fair can be a lengthy and difficult process. In division of debt, it is crucial that you have an experienced attorney working closely with you. Any mistakes or oversights in this process could endanger your future financial well-being, and even hurt your credit score, through no fault of your own. When you hire Richard Ross Associates, you will have a Certified Family Law Specialist with more than 30 years of experience on your side. We will work with you one-on-one, and we offer personalized legal service to get you through this difficult time in such a way as to better prepare you for the future. Call us today to make an appointment and discuss your case.