How is Debt Divided in a New York Divorce?

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How is Debt Divided in a New York Divorce?

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.

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We have an excellent AVVO rating from our many happy clients

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We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

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What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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