When the possibilities of a marriage cease to exist, there may be no other option left except for getting a divorce. When talking about the most emotionally staggering phases of life, divorce is one of the first ones that come to mind. Sometimes divorce is inevitable, and there is nothing you can do to reduce the damage. It is hard for the divorced couple, and it is hardest for the kids. A divorce not only derails the emotions of a family but it can also completely disrupt their financial condition.
We all know that upon divorce, family court proceeds with the division of assets after identifying and categorizing each of the owned assets into separate, quasi community and community property. What most people forget is that not only the assets but even the debts are subject to division. As a married couple gathers assets over the course of their marriage, they take loans such as mortgage and car loans and credit cards and other debt.