If you are in the process of a divorce, you may be wondering who will be stuck with the debt from that divorce after the separation has been finalized. When couples choose to separate, one of the most sensitive topics in the divorce is often who will be able to take what items away and which spouse will be stuck paying a leftover mortgage, car payments, credit card debt, and more. According to the California Law, marriage is the community in legislation. This means that most debts and properties are shared during a marriage.
In some cases, a spouse may bring debt into a marriage. This can be anything from student loans to car payments to credit card debt. If you entered into a marriage while your spouse had debt, then maybe you helped to cover those costs. For example, you may have covered your spouse’s student loans with your own money. As a result, you have the right to “reimbursement” in the event of a divorce. On the other hand, if you enter into a marriage with assets built up to pay off a debt, then you cannot get that money back.
California considers any premarital assets that are put towards debt to be a couple’s martial property. This is not the same as if a spouse uses premarital property to invest in or buy community property. She or he needs to trace the money to show that he or she is entitled to reimbursement. Any debts that were entered into while the couple was already married are considered community property according to Section 910 of the California Family Code. This means that these debts must be split between the couple. If you need more information about debt settlements in divorce then you need to talk to a
Los Angeles family lawyer today!