Steven M. Bishop Family Law Blog on Lawyers.com

California has an equitable or community policy regarding division of property in a divorce proceeding. Theoretically, the court should split all assets that the married couple acquired during their marriage, including property, investments, and retirement accounts,  equally between spouses. In practice, courts may award a greater portion to one spouse, depending on how much income that spouse contributed. Equal division is not always a 50-50 proposition.

In San Diego, divorcing couples are also held equally responsible for any debts incurred over the course of the marriage, including credit cards, mortgages, and loans, even if these are only in the name of one spouse. An attorney experienced in San Diego family law understands how difficult it can be to resolve debt issues to the satisfaction of both parties.

Who owes what?

Just as important as listing assets when you file for divorce is determining what debts exist. Both spouses have a clear responsibility for joint credit card accounts, mortgages, and other loans that had a direct bearing on your family, such as college loans for your children. However, what about a loan that one spouse took out for a business enterprise? What about finding out that your spouse was secretly running up debt on a credit card you did not know about? Under California law, you are legally responsible for half of this debt.

A conscientious family law attorney guides you through all the necessary steps preliminary to filing for divorce in San Diego, including listing assets and debts. He or she explains how California statutes apply to your situation, and what your best options are for fair divorce settlement.

Avoiding worst-case debt scenarios

Couples often cite financial difficulties as a reason for divorce, so it is not surprising that individuals continue struggling with financial problems during divorce proceedings. Knowledgeable attorneys advise that it is in your best interest to move forward with divorce proceedings once you make the decision. This is true for numerous reasons that include protecting the value of community assets. If your spouse continues to incur debts or damage credit ratings while you are in divorce proceedings, this diminishes your community holdings and ultimately has a negative impact on your credit history.

Contact a reliable San Diego family law attorney

Untangling financial ties can be a messy part of the divorce process. In his 30 years of experience, Steven M. Bishop has helped clients get the best divorce settlements possible, even in the face of complex debt issues. Do not hesitate to get in touch for a consultation about your case.

Steven M. Bishop

591 Camino De La Reina, Suite 1120
San Diego, California 92108
Phone: 619-299-9780
Fax: 619-299-0316
Email: steve@stevenmbishop.com