Can My Credit Score Be Impacted By a Divorce?
There are many things to consider during the divorce process. Leaving a once-loving partnership behind, feelings of hurt and anger, separating a family, and untangling combined finances into two separate households. In the midst of the emotional upheaval of a divorce, you may consider the impacts of the marriage dissolution on everything from your children’s emotional well-being to your romantic life. But sometimes divorcing couples forget to think about how…Read More
Filing for Bankruptcy After Divorce
Divorce is often more than an emotional struggle. It comes with many challenges, including personal and financial obstacles. When one household must divide into two separate, functioning entities, there can be issues paying bills, spousal support, child support, and other obligations. If you are considering bankruptcy before or after your divorce, the following provides a brief legal overview of the effect of bankruptcy on final divorce orders. For specific advice,…Read More
Can We Divide our Assets However We Want?
During a divorce, much of what happens and decided upon is up to you, as long as you follow standard California family laws and your spouse is in agreement with you. For example, you can divide up your debts and assets according to your needs, as long as your spouse agrees to the division and the total net value of your marriage is equally distributed. Keep in mind, however, that…Read More
How Can a Divorce Affect My Credit?
During a divorce, your resources of time, money and patience will deplete. Because of this, it is easy to overlook a few late payments here and there. Similarly, if your spouse has been ordered to pay for certain bills during and/or after the divorce, you could be subject to the consequences of them not following that order. For example, if your spouse is ordered to pay temporary spousal support during…Read More
What Happens to Student Loans in a Divorce?
When you are getting a divorce, you are forced to take stock of your life and all your debts and assets. Having an education is an undeniable asset in this economy but one that comes at a price. While a degree certainly adds to your earning power and potential, more often than not it will come with a burden of student loan debt that you cannot get away from. You…Read More
Attorney’s Fees: Who Pays for Them?
Divorce can be expensive, this we all know. It can also be affordable under certain circumstances. Every divorce is different and will require more or less time or efforts dependent on how complex it is. Issues that can increase the complexity of a divorce are number of children involved, custody disputes, business ownership, significant assets or an overall high net-worth. In these cases, it can be well worth the investment…Read More
Debt Division During Divorce
Property division in a divorce is almost always paired with the division of community debt. Since California is a community property state, upon divorce, it is the net value of the marital community that is being divided, not just the assets. The net value of your marital community would be the total sum of community assets minus the to sum of community debts. This can be determined by both spouses…Read More