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 presumed to be  community debt under the laws of California.   This means that you and your spouse are likely to be held  equally responsible for these debts, regardless of which party actually incurred them as long as the debt was acquired for a community purpose.

There are a number of ways to divide community debt, and at Richard Ross Associates, we are here to help you reach a resolution that is best for your situation. Contact us today. 

Common Debts in California Divorces

Any debts incurred during the course of a marriage will usually be divided in the same way that community property assets are divided. This includes: 

• Student loans
• Joint credit card debts 
• Auto loans or mortgages loans  
• Medical debts

Sometimes,  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 should your spouse fail to pay the agreed payments. Another option might  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, and there may be ways to vary from 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 complicated process. In the division of debts, 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 40 years of experience on your side. We will collaborate with you one-on-one, and we offer personalized legal services to get you through this challenging time in such a way as to better prepare you for the future. Call us today to make an appointment and discuss your case.