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Keeping watch over marital debts following divorce

On Behalf of | Jun 14, 2018 | divorce/marital dissolution

Many individuals in California and elsewhere may consider it essential to maintain a healthy financial standing. Those who are going through the end of a marriage may have concerns about how the process will affect their finances. While property division will inherently have an impact on this area of life, individuals who are going through a divorce may also find it advisable to keep watch over marital debts, as these could have a substantial influence on the outcome of the situation.

Since California is a community property state, all marital assets and debts are divided equally among both parties during divorce. However, even if one spouse is deemed responsible for certain marital debts in the divorce decree, the other party may find it advisable to keep watch over his or her credit report. If both parties are listed on similar accounts, creditors could may still hold each party legally liable.

Should the responsible party fall behind on payments, the credit score of the other person may also be affected in the process. While making payments on similar accounts might not be preferable, it could help one avoid an unfortunate situation. To prevent such undesirable consequences, one could seek to have his or her name removed from credit accounts, but this could prove challenging at times.

Without the necessary legal knowledge, knowing how assets and debts will be handled during divorce can be a difficult task. For guidance in covering every aspect of the process, a person in California could consider speaking with a family law attorney early on. An attorney can help a client pursue the best outcome possible during legal proceedings and provide guidance on how to protect his or her financial future following divorce.