Long Island Divorce Lawyer
Debt Division During Divorce
The division of debts during a divorce works much the same as the
division of assets. New York follows the equitable distribution system, considering many factors in order to achieve as fair a split as possible. In an uncontested divorce, a couple may agree on all factors regarding the logistics involved, including property and debt division. In this case, the specifics of the financial arrangements are left up to the parties concerned, although the court will confirm that these matters have been suitably resolved. If a couple is not able to achieve this, the court will review certain aspects of their marriage and financial situations and make its own ruling.
The court will consider factors such as the length of the marriage and the assets contributed by each party, as well as non-financial contributions. Only marital property will be subject to division and separate property will remain under the ownership of the relevant spouse. All debts incurred during the marriage are considered community property, no matter in whose name they were taken, which party made the transaction or for whose benefit it was done. This is the case unless a creditor was looking specifically to the property of one spouse for payment.
Contact a Long Island divorce lawyer today!
As the financial matters and specific laws involved in debt division can be very complex and confusing, it is in your best interests to retain the services of a Long Island divorce attorney. The attorneys at The Law Offices of Jay D. Raxenberg are highly skilled in this area and have extensive experience in tactfully but firmly negotiating these matters. As needed, they apply their knowledge to aggressively represent clients in & out of the courtroom.
Contact a Long Island divorce lawyer for legal counsel and assistance regarding the division of debts during your divorce.