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Status of Student Loan Debt After a California Divorce

Marriages come with many responsibilities and one of them is supporting a spouse with his/her student loans. Paying back the educational loan can be tough for some and becomes even tougher once a divorce takes place. Current statistics show that college students who take up educational loans end up with huge debts which become hard to pay. In a marriage, the debt can be cleared by both spouse but it’s not as easy as it sounds. It can get complicated and after a divorce, students loans can look like a huge burden. Finances are an important factor when it comes…

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How To Find Concealed Assets and Money During Your Divorce

As soon as the divorce proceedings start, it has been observed that many people try their best to hold back what according to them is their own property or money. There are some individuals who even possess secret bank accounts as well as other financial activities when they were married. If you feel your estranged spouse may have done the same and you desire to get a fair settlement, you need to expose such hidden accounts When you are not ignorant about the resources and techniques used by financial and accounts professionals, you will not become a victim of your…

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You Should Know These Things About Prenuptial Agreements

A legal contract that is agreed upon by two people prior to getting married is termed as a prenuptial agreement. In this agreement, the couple takes care of matters like the kind of property rights they will have in the event of their divorce, any property that they acquire during their marriage and the property, which each of them brings into their marriage. There was a time when the prenuptial agreements were only for wealthy people. Today, things have changed. In case, both the spouses want to own a property jointly, one of them had given up his or her…

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Top 3 Costly Financial Mistakes to Avoid During Divorce

There are many such cases where a divorcing spouse accepts a settlement even though it could be unfair to him or her. However, a few years down the line, he or she may go through severe financial constraints. Irrespective of what the reason for agreeing to such a settlement was, such an occurrence could be drastically improved even though it may not be avoided altogether. This is possible when you learn some of these most expensive financial blunders that are commonly made while arriving at divorce settlements. Mistake 1: Unable to budget according to a new lifestyle A common financial…

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Managing Student Loans During Divorce

In California, student loans can be considered to be community property, but it depends on the circumstances. So who pays? According to California Law, if the student loan was incurred after marriage, it can be considered community property and will be split between both the spouses regardless of whose name is on the loan. If the loan was incurred before marriage, then it is judged to be separate property and has to be paid off for the spouse who opted for it. While this may seem simple, there are multiple circumstances that could change the provisions made above.  The length…

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How Are Alimony Payments Affected by Bankruptcy?

What is bankruptcy? Bankruptcy can put a person in a huge financial predicament and occurs when that person has not been spending his money wisely and his expenditure has exceeded his income. Bankruptcy disallows the person from making necessary or important payments, paying off creditors, getting loans from banks and has a lot of other negative impacts on a person’s financial situation. If a couple is undergoing a divorce and one spouse is required to make alimony payments to the other spouse and that spouse has filed for bankruptcy, then it can be very difficult for him or her to…

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Handling Personal Debt During A Divorce

During a divorce, marital debts get divided just like marital assets. It is important to understand what your debts are and which ones are marital and which ones are personal. Usually, in places where your name or signature is present as the holder of that particular loan or mortgage will be your personal debt. And in places where you and your spouse are the joint owners, those loans or debts will fall under marital debts. Work out which debts you need to clear first To handle personal debts, the first thing that you need to know is which debts are…

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Cash-less in California: Family law, Divorce and Bankruptcy

Divorce can sometimes lead to bankruptcy and make divorce an even harder process. Filing for a bankruptcy can be a tedious task if you do it on your own. Getting a bankruptcy attorney is probably a good idea. During divorce, one of you may not have the means of paying the debts. In such cases, bankruptcy can be used in one’s advantage. Bankruptcy is a means by which you can lower your debts and save yourself from spending more than you want to during a divorce. Additionally, filing for bankruptcy is a good idea if you and your partner don’t…

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Dividing A Business or Professional Practice In Divorce

Similar to the other assets and property, the business and professional practice is also subject to division between the two parties involved in a divorce. The first consideration to be made in the deciding upon the division of a closely held business or professional practice is to determine whether it falls under the category of separate or community property. Determination of a business or a professional practice as separate or community property  The basic guidelines of establishing a business or professional practice as a marital asset are similar to those employed for other property and estate. A business or professional…

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The Disposition of Student Loan Debt in a Divorce

A student loan, nowadays, can be quite significant. It may very well run into six figures. A number of professional couples carry student loan debts from their college years. Now, in a divorce, just like the assets are divided, the debts have to be divided as well. The question is whether student loan debts are considered as marital debts or separate debts. For what purpose the student loan was used for If the student loan was used solely for the purpose of pursuing the degree of one spouse, then it may be considered as a separate debt. For example, the…

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