Hi, Tim Blankenship here with divorce661.com. In this episode, we’re talking about assets and debts property. Not just real property. Not just a home but when we say property we’re talking about any type of assets and debts.
Commonly we’ll have people tell me is when I say, hey, do you have any property to divide or any assets or debts divided they’ll commonly say no we don’t have anything together. Well having something together, and what they mean is in each other’s name, meaning they each have assets of death in their own name but not combined assets and debts.
That’s not how that works in a California divorce it is about when the asset or debt was acquired. Regardless of whose name it’s in.
So, if you guys acquired an asset or debt during the marriage, a credit card in your spouse’s name, a car in your name, it’s considered a shared asset or shared debt. Doesn’t mean you have to divide it, it just means it has to be addressed and has to be confirmed to one of you or the other.
Tim Blankenship, divorce661.com. I hope you’re having a great day. We’ll talk to you soon.