How is Debt Divided in a Santa Barbara Divorce?

People often ask us: how does debt get divided during a divorce? You need to know whether the debt is community or separate. A community debt is a debt incurred during the marriage and before separation. Community debts are generally divided equally between the parties. A separate debt is a debt that is generally incurred before marriage or after separation. A separate debt is the sole responsibility of the party incurring the debt.

In your divorce or legal separation, you will both need to complete a Schedule of Assets and Debts (FL-142). In this form you will each declare all assets and debts, including whether the asset or debt is community or separate property. If either party tries to keep something hidden, it will likely become known in the Discovery process and will have serious consequences.

For more information about the debt division during the divorce process, visit the California Courts’ website.

If you have questions about the division of debt during the Santa Barbara divorce process, please call Morales Law, P.C. for a complimentary consultation.

THIS IS NOT LEGAL ADVICE. Factual circumstances will vary and require specific procedures. We are Santa Barbara Divorce Lawyers. This is for informational purposes only and should not be relied prior to, or in place of, consulting with legal counsel. Morales Law, P.C. can be reached at (805) 422-7966 or at www.mysantabarbaralawyer.com.