Tinero, Aharonov and Associates Tinero, Aharonov and Associates A Family Law Practice, LLP

Divorce and money

When it comes to marriage, money appears to be one of the primary issues that most California couples face. First, there are the decisions regarding what to spend money on, and then there are the decisions regarding what debts to incur in order to purchase the desired items. Finally, once a couple decides to divorce, there are the decisions as to who gets which items that were purchased, and who gets which debts.

Couples decide to spend money on a variety of things such as a family home, furnishings for the home, cars and even financial investments. While each of these items may have a particular value at a given time, they are not actually equal in value. The value of certain items will typically increase while the value of other items will typically decrease. Thus, in determining who should get which items in a divorce, it is important to look at the long term value of each item.

As couples decide to spend money, they must have a way of obtaining this money. Often, this is done through the accumulation of debt in the form of a mortgage, car note, installment loan or credit card debt. Once the decision to divorce is made and decisions regarding which individual will be responsible for which debt, it is a good idea to make sure that one's name is removed from any debts that will not be that individual's responsibility. Otherwise, as far as the lender is concerned, both parties are still liable regardless of what the divorce decree states.

As California couples decide that divorce is their best option, they must deal with the money issues. Decisions regarding who will retain which assets and who will owe which debts will need to be made. It is often prudent to discuss these decisions with legal representation prior to making any final agreement.

Source: goodmenproject.com, "4 Top Money Issues In Divorce", Colin Amos, Oct. 24, 2016

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