Goods and services that are not needed for basic living are considered luxuries. A Thousand Oaks divorce attorney covers the variety of ways this type of debt can be approached by the courts.
When the Debt Occurred
According to a Thousand Oaks divorce lawyer, timing plays a key role in deciding if these luxury items are included in the marital estate. It would be assumed that both parties agreed to the acquired debts if they took place before the separation date and would be included in the marital state. Along this line of thinking, you could assume debts incurred after the date of separation would not be included in the marital estate.
Jurisdiction and Local Rule Exceptions
A Thousand Oaks divorce attorney can explain how case law, local rules and different jurisdictions may rule against the common assumptions of luxury debts. One example is using the date of separation, date of filing or some other arbitrary date as the date of valuation. A Thousand Oaks divorce attorney explains that debt incurred prior to the date is included, but any debts after this date are not part of the estate.
For other jurisdictions, the divorce date is the designated valuation date and is rarely changed. What a Thousand Oaks divorce lawyer will tell you is that any financial transactions that occur before the divorce date are included as marital estate items. If this provision is in place, the courts will normally review these transactions to ensure the debts of the martial estate are justifiable and equitable.
Contact a Thousand Oaks Divorce Attorney for More Information
You need experienced and knowledgeable representation with your divorce to ensure equitability in the settlement of the marital estate. To arrange a consultation with a Thousand Oaks divorce attorney, call the office of Gary Mitchell at 888-452-1846 today.