When a marriage contract is formed, the phrase "the two shall become one" has not only romantic connotations but legal ones as well. After a couple marries, all employment income, real property purchased and other assets acquired during the course of the marriage becomes joint or community property. Similarly, all financial liabilities incurred are the responsibility of both spouses--not just the spouse who incurred the debt. When a marriage is dissolved, a court of law will divide community assets and liabilities in a manner it deems equitable.
For more information please contact the Law Offices of RENEE MARCELLE, 415-456-4444 or visit us online at familylawmarin.com.