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At the Land Legal Group, our divorce attorneys in Los Angeles know that property division is an important part of the marriage dissolution process, and can often lead to many disagreements about who gets what once the divorce is finalized.
This can include the family home and other property, bank accounts, stocks and bonds, and other important assets that both spouses have worked hard either from work or at home to attain throughout the marriage.
Our experienced California divorce attorneys also know that, at times, spouses become so focused on dividing their assets, they often overlook how their marital debt is divided.
Unfortunately, the latter will not simply disappear during a divorce.
So, what happens to your debts during a California divorce?
We have answers.
Marital Debt is Community Property in California
Our Los Angeles divorce attorneys often tell our clients the same thing: Community property rules in California give both spouses equal claim to income and assets they obtained during the marriage.
Even a stay-at-home parent, or lower-earning spouse, is entitled to their share of marital assets, whether they made direct financial contributions to the family or not.
The same is true for the debts they have incurred during the marriage.
Debts that both spouses acquired during their marriage with the intent of supporting the household from personal loans and credit card balances to student loans will likely get split equitably during the divorce.
If you and your spouse can agree on how your assets and debts are divided without the court’s intervention, it could save time when it is time to finalize the agreement.
Moreover, if the court becomes involved in these important decisions, your attorney will fight for the best outcome, but, ultimately, the judge will decide, which may not be in your best interests.
Understanding Your Complete Financial Picture During a Divorce
At the Land Legal Group, we understand that in some marriages, one party is wholly in charge of the marital finances, which can leave the other out of touch with where their finances stand during a divorce.
It is important to understand your complete financial picture, including the total of your marital assets and debts, so you are prepared for what comes next during the marriage dissolution process.
It is better to know where your finances stand before the divorce proceedings begin, so you can make informed decisions about your future. We can help.
Contact Our Skilled Los Angeles Divorce Attorneys at the Land Legal Group for a Consultation Today
If you are pursuing a divorce in California and have questions about how your financial future will unfold, contact our skilled family law attorneys in Los Angeles County at the Land Legal Group today at 310-552-3500 to schedule a consultation to discuss your unique needs.