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 75 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.
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!
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