My wife and I will be going through the divorce process soon here in California, and I am wondering regards our credit card debts and assets. I understand these matters are not simple.
I will set an example:
Let's say, prior to our marriage, I owed $10,000 in Credit Card debts. Today I owe $20,000.
1. So the prior $10,000 CC debts would not apply to our marriage, correct?, but throughout our marriage I paid off for example $5000 off of it. So technically from the $20,000 I owe today, $15,000 are from our marriage. On top, my wife has let's say $10,000 Credit Card debt herself.
So would I add her $10,000 with only $10,000 from my $20,000, or would the law consider that I had paid of $5,000 of my prior debt in our marriage, and her $10,000 would add with $15,000 of mine?
How does the law view this?
2. Furthermore, my wife who will be filing the divorce, is she supposed to address all my assets and debts in her filling, or can she just go ahead and address her own information, and in my response to the divorce I can go ahead and list everything about my assets/debts?
And how do I determine the debt owed on Assets? For example, I have some gear that cost $1,000. The credit card had $1,000 available credit. A year after the purchase of the $1,000 gear, the credit card is still at $1,000 from other purchases, like gas, groceries, etc.
How do we determine how much money is owed on the gear? Do I subtract the payments towards the credit card since the date of the gear purchase?