For most couples, divorce is a complicated situation that involves a multitude of factors. However, there are often primary or core issues that serve as the root cause of a given divorce. Research into this area generally tries to pinpoint the main causes of divorce year after year, with certain issues maintaining center stage such as infidelity and financial duress. 

Recently, debt and forms of financial deception have become emerging topics in these studies. Today, we’re looking at the link between debt and current divorce rates, as well as discussing how debt can impact the asset division process during your California divorce. 

Recent Surveys Illustrate How Debt Becomes a Pivotal Problem in Marriages

A recent survey examined over 500 divorced couples across the nation, where it found that 1 in 3 marriages ended directly due to debt and uncontrolled spending. Furthermore, the study also found that 80 percent of the respondents had experienced financial deception, meaning their partner lied about finances or deliberately attempted to hide debt or additional spending from the other party. 

Even more troubling is the fact that nearly 4 out of 10 respondents did not find relief after divorce. Rather, they were forced to shoulder the burden of the other party’s deception or mistakes, with debt rising at or over $10,000 during the marriage. Unfortunately for these respondents, debt plays as much of a role as assets in California divorces.

Diving Debt is Just as Important As Diving Assets

California, along with eight other states in the US, is a community property state. This means that all shared assets and debts which are amassed during the marriage are to be equally split. This doesn’t necessarily mean right down the middle, but rather in a way that is fair for both parties given all other relevant factors.

Debt is treated slightly differently though, and individuals are assigned debt during the asset division process. This is where financial deception can cause major problems for people, as an ex might argue in bad faith to try and stick you with debt that they racked up without your knowledge. Considering the stakes at hand, it pays to be prepared for every aspect of your CA divorce, including the asset division process which will likely shape your financial landscape for years to come.

Consult With Our Family Law Attorneys For All Your Divorce Needs in CA

As you prep for your upcoming CA divorce, it is crucial that you do your due diligence and prep accordingly. If you’re worried about debt pertaining to your asset division procedures, or have any other concerns about the divorce process in CA, know that our team is here to help. 

At the White Oak Law, we work tirelessly to work through even the most complex divorce situations. Rely on our team of experienced professionals and trust on our decades of experience with CA family law! Call us today at 925-271-0999 to learn more about how we can help.