Spouses are generally aware of the part of divorce in which they are required to divide their assets between them. This can include any retirement plans, houses, cars, and more that they may share together. However, it is important to know that this is not all they split in a divorce. During a divorce, the debt that a couple accumulated throughout their marriage must be divided between them as well. To learn more, continue reading below and contact an experienced New York divorce attorney.
How is Debt Divided in a Divorce?
Courts in the state of New York use the process of equitable distribution in order to determine how assets and debts are to be divided between spouses in a divorce. It is important to know that the term “equitable” does not necessarily mean the division will be equal. Instead, the courts decide what is considered fair when splitting debt. This means spouses will not always receive the same amount of debt.
What is Considered When Dividing Debt?
When the court works to decide what is fair in dividing debt in a divorce, they will consider a variety of different factors. 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
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.