Dividing Debts in a California Divorce

Many divorces are caused, at least in part, by money troubles. While there is often substantial attention given to dividing assets like bank accounts and property, many couples also have to determine how debts will be divided. Usually, if the parties agree to a financial arrangement to divide the debt, a court will accept it. However, if the parties cannot agree, they will be bound by the court’s decision. A family law attorney can assist in negotiations, protecting your interests and possibly keeping the parties in control of their own property division. Debt Belongs to Both Spouses Because California is a community property state, debt incurred during the course of the marriage will belong to both spouses jointly. This will likely be the case unless the spouses have a prenup in place. This means that even debt on credits cards that are only in one spouse’s name will be classified as community debt so long as the debt was acquired during the marriage. Debt…

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