Although it is not what most people think about when they get a divorce, a major issue in most divorce settlements is who carries the debt from the marriage with them. This can be a major concern for both sides if the couple has built up substantial debt, and in community property states it is even more important.
The basis of all rules regarding creditors' rights upon divorce in community property states is that only when a spouse actually manages a particular piece of property can his creditors get to it. If one party never was allowed to manage something then their creditors can never get at that property to satisfy the debt of that person. The rules that follow from this rule are quite straightforward then:
Although there are many do-it-yourself kits out there to help you with a divorce, there are many tough decisions to make when you get divorced and you may miss something if you try to do it on your own. If you have any kind of assets you should contact an experienced family lawyer to make sure you and your current spouse properly divide your debt and equity.
Last Modified: 01-22-2015 03:55 PM PSTLaw Library Disclaimer
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