When a couple gets divorced, they are faced with the dilemma of dividing up their debts as well as their assets. The division of marital debt and assets is a complicated area of family law.
California Family Court has the right to divide joint debts between the couple, regardless of whose name is on the debts – unless the couple can enter into an agreement regarding payment. The court typically divides the assets and debts after considering each spouse’s income, education, and child custody, future earning potential and standard of living during the marriage. However, if your spouse fails to pay off his or her debts, the creditor can still bring legal action against you.
If you are going through a divorce or your divorce has been finalized and there are still outstanding bills to be paid, contact an experienced Orange County Family Law attorney to learn how debt division can affect your financial future.
