When a couple divorces, one of the most pressing issues that they will have to work together to resolve before a court will finalize their divorce is that of division of property and debts. Because California is a community property state, all community property (debts and assets alike) must be divided equitably amongst parties.
But what is considered community or separate debt can be confusing and even contentious. At the Law Offices of Evan Braunstein, our Century City divorce lawyer can help you to understand the various types of debt and how they are to be divided. Call today for more information.
Community debt refers to any debts that were acquired during the course of the marriage; separate debt is that debt which was acquired prior to the marriage. Consider some of the following common sources and types of debt and whether or not they are community or separate debt:
The good news is that regardless of the types of debts that your marriage has, you and your divorce spouse have the option to negotiate your debts and reach an agreement out of court. If you cannot reach an agreement, only then will you need to go before the court and have the case settled for you. This is often expensive and contentious, and may not yield the result you’re hoping for, however, so reaching an agreement out of court is strongly recommended.
At the Law Offices of Evan Braunstein, we know you have a lot of questions about asset and debt division in a divorce. Our Century City family law attorney can guide you through debt division and represent you in negotiations. Please reach out to us today for more information.