There are many different parts to a divorce in the state of New York. One of the largest parts of the process is the division of assets between two spouses. Couples generally acquire a great deal of assets throughout their marriage, such as cars, houses, retirement plans, et. While this is true, they also accumulate certain debt. This can include mortgages and credit card debt. During a divorce, both assets and debts are divided between both parties. Continue reading below to learn more and contact an experienced New York divorce attorney for assistance.
How is Debt Divided in a Divorce?
In the state of New York, courts use the process of equitable distribution to divide assets and debts in a divorce. It is important to know that this does not necessarily mean the split will be equal. Instead, equitable distribution means the division is fair and just. This means that the value of debt that each spouse receives is not always the same as one another.
What is Considered When Dividing Debt?
When deciding how to divide debt fairly between two spouses, courts in New York will take a variety of different factors into consideration. 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
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.