Rancho Cucamonga Division of Community Debt Lawyer
One of the most difficult parts of getting a divorce is the division of debts and assets. It’s an emotional process watching the things you both worked hard for being split up and divided. It is also one of the most problematic areas you’ll have to work through in a marriage dissolution, and is one of the primary reasons you need to utilize a division of community debt lawyer in Rancho Cucamonga. You don’t have to try to manage the entire process on your own, and to make sure everything is resolved legally, you probably shouldn’t.
What is Community Debt?
Community debt is the debt that is created after the date of marriage. Usually, the debt incurred by each individual before the marriage is known as “separate” debt.
Typically, the individual parties are responsible for their own respective debts before the marriage, but the community debt is divided equally, barring the existence of a prenuptial agreement and certain other conditions.
Because California is a community property state which includes debt, there might be some confusion as to who is responsible when you decide to separate. Laurence J. Brock can help make sure the debt is separated and shared legally, so you don’t end up paying all the bills after your divorce.
Legal and Fair Division of Debt
Both assets and debts in California divorce courts are divided equally between the parties. This type of division might appear as a matter of splitting the bank accounts and bills directly in half. However, this isn’t exactly how it works.
If couples can arrange an agreement on their own without anyone treated unfairly or coerced into anything, the courts might consider what the couple presents. In most cases, there are hurt feelings and misunderstandings to contend with, which don’t always make the process as simple.
Furthermore, in many cases, assets are sold to pay off debts. If there is debt remaining after you sell assets, the debt is split between both parties, with each person equally responsible for the balance. In some instances, when the incomes of the two parties are extremely different, the party with the highest income might assume the leftover debt.
Not All Debt in the Marriage is Yours
You have some responsibility for the debts in a marriage, but you don’t have all of the responsibility.
If you entered the marriage with existing debt, that debt is still yours and yours alone to bear.
However, one reason that two people come together in marriage is to build a life together, which includes finances. In the process, you usually build up your assets together, but also accumulate debt.
Ideally, the assets outweigh the debts but realistically, this isn’t always the case. When it isn’t, the burden doesn’t fall entirely on you to manage.
The separation of debt can become a complex puzzle that The Law Office of Laurence J. Brock can help you solve in the most legal and fair way possible.
Division of Community Debt Requires a Lawyer
Unfortunately, divorce isn’t as simple as appearing before a judge and declaring that you have worked out a plan that suits both of you, even if the majority of the divorce is amicable.
You’ll need to file specific paperwork, gather appropriate forms, fill them out, and then file them in a court of law.
Even if the two of you are able to come up with a feasible plan to manage your debts, California courts require that you submit the appropriate forms that outline specific details.
Even then, the court may use its own method to divide things up.
Filing incorrectly or missing steps can become costly, and aren’t worth the risk of potentially paying more than you are required.
The Importance of a Qualified Divorce Attorney
Divorce isn’t just about ending a family or ending a romantic relationship. It’s the end of a legal and binding agreement between two parties.
As such, you need an expedient and thorough attorney to manage the process. Laurence J. Brock is a qualified division of community debt lawyer in Rancho Cucamonga who can help you manage the debt in your divorce. Contact our office online or call for a free initial consultation at (909) 466-7661.