One question that many people have as they are going through a divorce is what will happen to their debts as a couple. Of course, this is a major source of concern that some have because no one wants to pay debts that the other party is responsible for. Please continue reading and reach out to our experienced Rockland County bankruptcy attorney to learn more about marital debts and how our firm may be able to help you through the process ahead. Here are some of the questions you may have:
How do New York courts divide debt in a divorce?
Many married couples do not think of debts as assets, however, the truth is, when getting a divorce, debts are treated very similarly to assets and all other marital property–both assets and debts in New York are divided through a process known as equitable distribution. This simply means that the assets and debts will be divided in a fair and just manner as seen fit in the eyes of the court. However, this does not necessarily mean that the assets and debts will be divided equally. The court takes a wide variety of factors into consideration when it comes to dividing assets and debts. Some of those factors include the following:
- The length of the marriage
- The age of each spouse
- The health of each spouse
- The standard of living that the couple is accustomed to
- The value of your marital assets
- The amount of debt the couple has
- The earning capacity of the couple
- The income of each party
- The contribution each party has made to the marriage (both monetary and non-monetary)
Of course, divorce is a very complicated issue, and as such, New York courts will consider any other factor that they deem relevant when it comes to dividing your debt. That is why, in many cases, it is best you retain the services of an experienced attorney who can help you through every step of the process ahead. Our Rockland County bankruptcy attorney may be able to help you shake some of that debt, so that you are not paying for years down the road. If you would like to learn more, simply give us a call today.
Contact our experienced New York firm
The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.