Debt Distribution in NY
How Is Debt Divided in a Divorce in New York?
One of the touchiest subjects when determining a divorce agreement is the distribution of debt. As emotions run high and tempers flare, figuring out financial liability for credit card debt, mortgages, and pension loans can be an uphill battle without the assistance of a trained legal team. At the Law Office of Dennis R. Vetrano, Jr., LLC, our attorneys can help you seek an amicable solution to your debt distribution struggle.
Our firm’s lawyers have more than 65 years of combined legal experience, giving us the expansive skillset and vast knowledge to help you swiftly get through your divorce. As recipients of the 2015 Avvo Clients’ Choice Award for our outstanding family law representation, we are known for our excellence and compassionate approach, giving our clients much needed peace of mind and the ability to move forward with confidence and hope.
Divorcing? Contact us online or call (845) 605-4330 today to discuss your case with an experienced legal professional.
What is Equitable Distribution?
If a couple is unable to come to an agreement regarding the terms of their divorce, New York law imposes an “equitable distribution” rule for the courts to intervene and establish a fair outcome. This rule instructs the courts to distribute debts in a manner that is deemed fair to both divorcing spouses. The term “equitable,” however, can be misleading, as it does not always mean “equal.” A judge will make a final debt distribution ruling following a thorough investigation of the couple’s marital situation.
Debts will be divided based on the following factors:
- The income of each spouse
- Duration of marriage
- Each spouse’s health and age
- Custody arrangements
- Spousal support agreements
- Tax consequences
- Wasteful behavior of either spouse
This process can be avoided by cooperating with your spouse and working towards establishing a mutually acceptable divorce agreement. Working together towards a common goal can save you a large amount of time and money, while also helping to keep tensions to a minimum. We understand, however, that sometimes the complications of a divorce can make this impossible. If this is the case, we are fully prepared to go the distance on your behalf and tenaciously represent your interests in a court of law.
Retain Knowledgeable Divorce Counsel Today!
Nobody should have to go through a divorce alone. We understand the emotional anguish that you must be experiencing, and our lawyers are ready to provide the personalized support you need to help you get through this difficult time. To get started towards retaining exceptional representation, request a consultation today!
CLIENT TESTIMONIALS
READ WHAT PAST CLIENTS HAD TO SAY
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"Unfortunately some of the hardest times in our lives we need an attorney to help guide us through such emotional and uncertain and scary period"Unfortunately some of the hardest times in our lives we need an attorney to help guide us through such emotional and uncertain and scary period. Choosing the best attorney can take away some of the fear and anxiety Dennis and his absolutely amazing team have held my hand and calmed my nerves on more than one occasion Stacey is always on the other end of the phone to reassure me that it is a process and it will be ok.I have found such comfort in Dennis his knowledge and strong confidence that he and his team have it all under control allows me to focus on myself and my children while they handle my case. I highly recommend this firm!- Jennifer Garofolo
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"I am extremely thankful for having received the best representation from my attorney Kristen D. Farris for a temporary order of protection case against my soon to be ex-husband."
I am extremely thankful for having received the best representation from my attorney Kristen D. Farris for a temporary order of protection case against my soon to be ex-husband. Everything went so smooth with her amazing expertise and professionalism. In the court, she took charge right away and everything was just so well. I was so relieved! The outcome of the case was perfect and the case settled without any issues. I had no chance to stress! Finally, the office staff was so friendly and the communication, which was mostly through e-mail, was perfect. I am looking forward to working with Kristen with the next steps of getting a divorce. God answered my prayer when I asked for a great attorney :) I was so nervous but thankfully everything went so well!!!
- Rosa Gonzalez -
"Kristen and Erika were wonderful to work with. Very professional, yet compassionate. They thoroughly explained everything in understandable terms."
Kristen and Erika were wonderful to work with. Very professional, yet compassionate. They thoroughly explained everything in understandable terms. Both Kristen and Erika were prompt in all communications and kept me informed throughout.
- Rebecca T. -
"Tough, gracious, generous, and committed describe Kristen’s qualities as my attorney."
Tough, gracious, generous, and committed describe Kristen’s qualities as my attorney. And much thanks to the paralegal team as well. Their combined experience provided prompt support whenever I had any questions and helped talk me through my situation and to provide clarity. I can’t thank Kristen and her team enough for the all hard work and kindness through the process.
- T. Curtis-Verderosa -
"Christal Prinz is OUTSTANDING! She has compassion and a wealth of knowledge about the law."
Christal Prinz is OUTSTANDING! She has compassion and a wealth of knowledge about the law. She has a good common-sense approach as well. It was a delight to work with her considering the circumstances and nuances of my case and the law.
- A.P. -
"I am so thankful I found this law office to handle my divorce. Kristen was a pleasure to deal with and handled my divorce flawlessly. Communication was always very fast, and always very clear."
I am so thankful I found this law office to handle my divorce. Kristen was a pleasure to deal with and handled my divorce flawlessly. Communication was always very fast, and always very clear. I highly recommend! Couldn’t have been handled better. Thank you.
- Claudia Franciosa -
"The guidance and knowledge they provided was immeasurable."I am so grateful for the wonderful team that assisted me through one of the most difficult times of my life. The guidance and knowledge they provided was immeasurable.- Jessica Conklin
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"I am happy to recommend DRV Law and Kristen F. specifically. As a father divorcing an intractable and vengeful spouse, I was terrified of how the court would treat a father vs a mother, as well as of how my ex could muddy and delay the process."I am happy to recommend DRV Law and Kristen F. specifically. As a father divorcing an intractable and vengeful spouse, I was terrified of how the court would treat a father vs a mother, as well as of how my ex could muddy and delay the process. And all in the midst of a pandemic that made everything more complicated. Kristen and her team’s legal advice was consistently spot on, the office’s communication was regular and helpful, and their billing was fair and understandable. You won’t be disappointed in them!- A.B.