The process of divorce has many different parts. One of the most notable is the division of assets between two spouses. In most marriages, couples acquire a significant amount of assets over time. This can include cars, houses, retirement plans, etc. However, they can also accumulate debt as well. This can include credit card debt and mortgages. When a divorce occurs, both assets and debts are split between both spouses. Continue reading below to learn more about how this is done and contact an experienced New York divorce attorney for assistance.
How is Debt Divided in a Divorce?
Courts in the state of New York use the process of equitable distribution in order to divide both assets and debts between spouses in a divorce. This means that debts will be split based on what is fair and just. It is important to know that this does not mean the division will be equal and spouses do not always receive the same amount of debt as one another.
What is Considered When Dividing Debt?
In order to decide what is fair when dividing debt between a couple, New York courts will consider many different factors. These are in relation to each spouse as an individual as well as the details of their marriage. This can include the following:
- The length of the marriage
- Both parties’ age and health
- Any income or property brought into the marriage
- Both pirates’ standard of living
- Written agreements made either before or during the marriage
- Both parties’ economic circumstances after the division of property
- Both parties’ income and earning capacity
- Any contributions made by one spouse to the other’s ability to earn income
- Any contributions made that increased or decreased the value of the couple’s marital property
- The tax consequences of the proposed property distribution
- The present value of the property
- The need of a custodial parent to use the marital home
- The parties’ debts and liabilities
- The need for a trust fund to pay for medical or educational costs of a spouse or child
- Any delay incurred by one party in achieving his or her career goals
- Any other factors which the court may deem relevant
Contact our Firm
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.
