California is known often as a community property state, upon which during the course of a marriage, should either party own property or real estate, it is equally shared with the other person with exceptions of an inheritance, gift, or general property that was acquired before the start of the marriage. Because of this, this also means that any assets or liabilities that have been obtained during the course of the marriage fit within this general lens, with exceptions of filing a division of assets while in the process of filing for divorce.
This does mean more work, but it helps to understand and ensure that both parties are in agreement as to who will handle the debts that were obtained during the course of their marriage. If there is an excess amount in debt however, then the courts will assign more specific details regarding the assignment of the debt.
If there is debt that occurs after a marriage or before, then it belongs only to the spouse who had obtained them. The other party can continue to request for a divorce without needing to worry about paying those debts off.
When it comes to division of assets, it is important that the spouses agree and decided in the best interest of the other in order to maintain a proper division. Not every asset must be divided equally among them, but so long as the results of each are divided in a fair manner, then the courts can agree and move on. This not only includes real estate, but also financial holdings such as stocks and 401ks.
Farbod Majd Esq.
Divorce Attorney w/ offices in Beverly Hills/Los Angeles
Services in English, Turkish, and Farsi/Persian (Iranian/American Lawyer)
8383 Wilshire Blvd Suite 646, Beverly Hills, CA 90211
310.956.4600 | Fax: 310.878.8989 | [email protected]