Property and Debts

Separating couples are free to divide their property in whatever way both parties feel is fair. Keep in mind that until such time that the division is confirmed by a court order, you both still own the property. Parties should seek to divide property so that each party receives roughly one-half of the community property.

Many people find it helpful to make a list of all of the property that they own and debts they owe. This can be done on a Schedule of Assets and Debts (Form FL-142). Remember to list all of your property when filling out a Schedule of Assets and Debts, including both separate and community property. It is important to be honest and not try to hide assets, as the penalties for hiding assets can be quite high.

Dividing debt can be tricky as many creditors do not allow the parties to simply divide the debt in half. Many times, the both parties remain liable for the whole debt, even if the agreement of the parties is that each should be responsible for one-half the debts.

An experienced attorney at Cecil & Cianci, PC can assist you with properly identifying all of your property and divide the community debts. Contact us online or call 916-756-4012 to schedule a consultation today.