Orange County family lawyers will explain that secured liabilities pertain to real property or different assets that may be utilized to settle a debt when payments are delinquent. Therefore, the inherent properties of secured liabilities must be discussed and addressed during the process of divorce.
Secured Liabilities Pertain to Specific Assets
Orange County family lawyers know that a secured liability is normally connected to a particular asset. For instance, a home mortgage is typically secured with the home and the land it sits on.
When the marital estate is summarized and its final division delineated, all assets and the debt associated with each once should remain together. Your Orange County family lawyers know that for one person to keep the car while the spouse assumes the car’s debt is simply inappropriate. The reason is control. Ideally, a divorce should sever the control one party has over the other to the fullest possible extent. If assets are separated from their debt, the person holding debt is in a position to exert control over the person holding the asset.
As an example, suppose an ex-wife is assigned the debt remaining on her ex-husband’s vehicle. Suppose the ex-husband has acquired a girlfriend and the ex-wife sees her operating the ex-husband’s vehicle. The ex-wife informs the ex-husband that if she ever again observes the girlfriend behind the wheel of the car she will quit making car payments. Simply by dividing the debt from the asset, the ex-wife obtains unsuitable control over the ex-husband.
Obtaining the Legal Counsel of Orange County Family Attorneys
If you are concerned about the division of your marital estate and would like to speak with experienced and knowledgeable Orange County family attorneys, please contact Bethanie Fanti at 714-505-3108 to request a free consultation.