Ask the Best Bankruptcy Lawyer in Fontana CA: Which of My Spouse’s Debts Am I Responsible for if I Am Divorcing?

Ask the Best Bankruptcy Lawyer in Fontana CA: Which of My Spouse’s Debts Am I Responsible for if I Am Divorcing?

Divorce has many annoying, perplexing, and challenging elements. One of them is determining who is accountable for debt repayment. We live in a communal property state in California. That means that, for the most part, any debt accumulated during the marriage belongs to both partners – but things aren’t always so straightforward.

The best bankruptcy lawyer in Fontana CA can help you understand your alternatives. We are not family law attorneys, but we can help you understand the principles of community property, who owns what debt, and which form of bankruptcy could be best for you if you decide to file for bankruptcy. For a free consultation, call (909) 552-1238 right now.

Almost all of the property you and your spouse acquire throughout your marriage is considered community property

Any salary, perks, or property obtained during a marriage, with very few exceptions, will be deemed communal property – even debts. What each partner brings to the marriage, on the other hand, stays their own property. Similarly, a gift or inheritance received during the marriage might be deemed the recipient’s distinct property.

It’s possible that your wages will be garnished to pay your spouse’s debts

If your spouse has unpaid debts, the creditor can lawfully garnish your salary to collect the money. Even if your husband had the debt before you married, this is true. Unlike property, the debt that each spouse brings into the marriage is usually owned jointly.

There is, however, one significant exception. The premarital debts of your husband cannot be garnished from your separate bank account if you have one and only you have access to it. This is something you should discuss with an accountant to decide the best way to safeguard your funds.

You and your partner have the option to reach a different agreement

If your prenuptial or postnuptial agreement mentions the debt position, it will very certainly be followed. You and your spouse might be able to reach an agreement on your own. We highly advise you to obtain this in writing and have it included in your divorce decree. If it isn’t, they have the right to alter their minds at any moment, and you will be liable for the debt.

Do you have a lot of debt? Talk to the best bankruptcy lawyer in Fontana CA for help

Depending on the facts of your case, bankruptcy may be the best course of action for you. If you’re interested in learning more about bankruptcy choices and the benefits of each, please contact Law Offices of Terrence Fantauzzi at (909) 552-1238 to speak to the best bankruptcy lawyer in Fontana CA. We may begin with a free consultation so that you can learn more about your legal choices.

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