Watch Out, You May Be on the Hook for Your Ex’s Debt During Divorce
You may have heard that California is a “Community Property” state, which means that if a couple gets divorced, each spouse is entitled to half of all the income and assets acquired during the marriage. This can be a big relief to a lower earning spouse, especially if one spouse stayed home to take care of the house and children while the other one worked.
However, there’s a flip side to this coin. Just as California requires divorcing couples to share their assets, it also commands that spouses share all debt created during the marriage. It doesn’t matter if one spouse took on the debt alone. If the debt was taken out during the marriage, it is the equal responsibility of both spouses. So, for example, if your spouse took out student loans for $30,000 while you were married, you could be on the line for $15,000 of that debt after your divorce…even though you weren’t the one who earned the degree!
If you live in Temecula and are worried about being saddled with your spouse’s debt after divorce, contact the attorneys at Albrecht & Albrecht for a free consultation.