How Debts Are Divided In Divorce
Work With An Experienced Ventura Divorce Attorney
You very often hear about battles over community property occurring in divorce cases. California is a community property state. This means that property and assets acquired by a couple during the course of a marriage are considered to be owned 50-50 by both parties. The same holds true for debts. They are also considered community property regardless of whose name is on the account.
In a divorce or
legal separation proceeding full disclosure by both parties of assets and debts is required. Your Ventura divorce attorney will inform you of the various documents and information to look for order to obtain the factual information needed to provide a full accounting.
Separate Property vs. Community Property
Before you discuss the division of assets and debts, it is first necessary to determine which assets or debts are separate property and which are community property. Debts incurred by each party prior to the marriage are separate property and debt incurred after are considered community property. It is important to know that creditors also consider that debts belong to both of you.
Although in your divorce or legal separation agreement you and your spouse agree to take responsibility for certain debts and even though this division becomes part of the court order, creditors do not have to abide by the court order. If later your spouse fails to make the payments, the creditor may insist that you make the payments. This situation could also have a negative impact on your credit report. A knowledgeable Ventura family law attorney at our firm can advise you on this.
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Should an ex-spouse defaults on paying community property debts, your only recourse is to take legal action against your ex-spouse to recover your money. Also, if you need assistance with creating a will or planning your estate, which can often be complex in the midst of a divorce, we are here to help! An experienced divorce lawyer at Negley Law, APC can advise and guide you through the debt division process so that your rights are safeguarded.
If you have questions about community property and division of debts, contact a Ventura divorce attorney at the firm who can give you sound advice.