Getting a divorce is never easy, as there are often many issues that must be carefully considered. For many, the financial considerations alone are enough to cause anxiety, as you must consider how your property will be divided, including any debt acquired during the marriage. If you and your spouse are going through a divorce, understanding how debt is handled and whether or not this debt can impact your alimony payments is crucial. Be sure to keep reading to learn more and discover how a Los Angeles division of assets attorney can help you through these challenging times.
How Is Debt Divided During Divorce?
If you are going through a divorce, understanding how debt is distributed during this process is essential. In California, marital property is defined as any asset acquired during the marriage. This includes debts. If something is deemed marital property, it will be divided evenly during a divorce in California, as this state follows the community property method of asset distribution.
As such, each spouse would likely be responsible for an equal amount of debt. However, certain debts, like student loans or gambling debts, would likely be considered separate even though they were endured during the marriage, so you most likely would not be personally liable for their debts.
How Can a Debt Acquired During Marriage Influence Alimony Payments?
You may worry that if your spouse is in considerable debt, you may be ordered to pay more alimony to help them. However, this is not always true. Alimony is based on the needs of the spouse and their earning ability. For example, you may find that your spouse’s debt, such as paying debts associated with an extramarital affair, will not leave you paying more alimony. However, if your spouse is struggling because they do not have the necessary training or education to hold down a job.
It’s also important to note that if awarded the majority of the debt because you benefitted more from the purchase or loan, the courts could reduce the amount of alimony you must pay since you are bearing the burden of the debt.
What Should I Do if I Need Help During My Divorce?
If you need assistance when going through a divorce, ensuring you contact an experienced attorney is essential. Unfortunately, you may find that going through this process can be complex and challenging. As such, it’s imperative to ensure you have an attorney on your side to help you through this legal process.
At the Zitser Family Law Group, we understand how these complicated matters can make it challenging for you to proceed with a divorce, as you may have many concerns and anxieties for the future. Our team is dedicated to helping you navigate this process with as much ease as possible so you can focus on healing during this significant life transition. Reach out today to learn how we can help you.