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How Your Assets and Debts Will Be Divided During Your California Divorce

assets

“Modern Family” writer and producer Steve Levitan’s divorce from Krista has finally been completed. According to reports, their divorce was a bitter one and included claims of assault and disagreements on the division of their assets. When the dust settled, the couple agreed to evenly divide their assets into several bank accounts, as well as properties and vehicles.

In many divorces, the division of assets and debts can be a contentious issue. However, it doesn’t have to be that way. In this issue, the San Diego family lawyers with the Men’s Legal Center will share information about how assets and debts are most likely going to be divided, and tips with how you can avoid being taken advantage of.

How are assets, property and debts divided in a California divorce?

The key term to remember is “community property,” which are assets, debt, and property acquired over the course of the marriage. This can include your house, vehicles, furniture, bank accounts, pension plans, stocks, etc. It also included debt.

During the divorce process, all community property is given a cash value to assist the court in making sure it is divided equally.

Items that will most likely not be subjected to this part of the process is “separate property,” which are things either spouse or partner owned before the before the marriage or were acquired through selling as separate property during the marriage.

Just as with community property, any debts acquired during the marriage are subject to being shared equally.  

How can I protect myself from being taken advantage of?

For starters, you should not agree to sharing a specific debt, such as a credit card bill, with your former spouse or partner. This puts you at financial risk if they do not make good on their payments.

Secondly, don’t be in a rush to pay off your debts while still in the relationship. Your share of responsibility will depend greatly upon how the debt was incurred. Rather than rushing to pay it off, let your San Diego divorce lawyer advise you on how best to strengthen your position through negotiation.

Thirdly, make sure there is an indemnity clause in your divorce agreement. This allows you to take legal action against your soon-to-be former spouse or partner for failure to pay their required share.

To talk more about your divorce options, call the San Diego divorce attorneys at the Men’s Legal Center.

The San Diego family lawyers with the Men’s Legal Center have earned a reputation of trust, and can position you for the best possible outcome of your divorce. Our sole purpose is to make sure you have the resources and knowledge they need for the best possible outcome in family court.

You can reach us at 619-234-3838 or via email.