One of the most effective ways to protect your assets and property during and after a marriage is through a prenuptial or post-nuptial agreement. In cases where no prenuptial agreement exists, and you and your spouse have decided to end the marriage, there are numerous issues which will need to be addressed. One of those issues is how the debt from the marriage will be divided. The state of California is a community property state. All debt incurred during the course of the marriage is considered to be joint or community property, and therefore should be divided as equally as possible between the two parties.
Any debt incurred prior to the marriage is considered as separate property and will be maintained by the responsible party. A judge will ultimately have to sign off of the division of debt, assets and property. If reasonable efforts have been made to obtain as close to a 50/50 split as possible, then it is very likely the judge will sign off on the matter as part of finalizing your divorce decree.
If you have questions about debt division or you are in need of a skilled divorce lawyer in the Thousand Oaks or Westlake Village areas, our firm is here to help. With more than 30 years experience, and the fact that our lead attorney is a Board Certified Family Law Specialist, we have an uncommon level of knowledge and legal skill in all matters related to divorce, including property and debt division.
Our firm is dedicated to protecting your interests. Contact a Westlake Village divorce lawyerat Richard Ross Associates to review the financial issues in your marriage and advise you about debt and asset division and California law.