Dividing Property and Debt During a Divorce
During divorce proceedings, or when contemplating divorce, most are interested to know how assets, or wealth, will be distributed. There is less interest in knowing a critical piece of the divorce puzzle – what happens to community debt from the marriage?
In difficult economic or financially troubling times, division and allocation of debt is critical in the final divorce decree.
If you are a Southern Californian contemplating divorce or have been served with a Petition for Dissolution (Divorce) you should speak with a divorce lawyer serving the Ventura, Santa Monica, Orange & San Diego County areas immediately to learn more about your responsibility towards your debts as well as your spouse’s debts.
Division of Assets and Debts in a California Divorce
California is a community property state. This means that all assets acquired during the marriage are generally co-owned evenly by both spouses. Additionally, in California, most debts incurred by either spouse during the marriage are owned by the community.
California courts have the authority to divide debt as they equitably see fit. In addition, factors such as job loss, reduction in work hours or outstanding medical bills may also impact the division of debt, property, and assets in a divorce according to California law. Also, the assignment of an asset may very well result in the assignment of the debts associated with the asset as well.
During a divorce, financial changes are inevitable. The financial stability you may have enjoyed as a married couple does not always translate into the same stability once the dissolution proceedings commence. What was once a steady flow of income supporting one household now has to be stretched to cover two separate households.
Despite a divorce being emotional and uncomfortable, it is important to remember that you do have rights that need to be protected. Working with an experienced attorney will ensure your rights are protected throughout the entire divorce process. This will offer you peace of mind so that you can focus on moving on.
How Divorce Attorney Atousa Saei Can Help You
Contact the Santa Monica Family Law Attorneys at The Law Office of Atousa Saei to discuss how to protect your legal rights and interests. Their office can be reached at (310) 855-3386.