California couples who are ending marriages are often concerned about whether they will take away their fair share of marital assets. But just as important as assets is something that can make property division more complicated, debt.
Division of debt in divorce is different from the division of assets because creditors do not automatically recognize a couple's divorce decree. For example, if both spouses share a credit card account, then both of them can be responsible for paying any debts accrued on the credit card. Unfortunately, failing to consider marital debts before and during property division can have long-term effects on a spouse's credit rating and ability to get credit in the future, something that may be critical in the months and years following a divorce.