How does divorce affect a couple’s assets?

Divorce can have a major effect on a couple’s assets. In California, when a couple decides to get a divorce, all assets and debts acquired by either party during the marriage are considered to be marital assets and are divided between the two parties in the divorce. This means that each party can receive either an equal or unequal share of those assets and debts, depending on the law in that particular state. Generally, a court will consider factors such as each spouse’s contribution to the property, the length of the marriage, and the age, health, and earning capacities of each party. The court will then decide how to divide any property that is considered to be marital property. This can include items such as bank accounts, retirement funds, vehicles, and real estate. On top of that, any debts incurred during the marriage, such as credit card debt or a mortgage, will also be divided between the two parties. It is important to note that any assets and debts owned by either party prior to the marriage are considered separate property and will typically remain owned by that particular party. This means that any assets or debts that each party owned prior to the marriage will not be divided in the divorce.

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How does divorce affect a couple’s assets?

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