A divorcing couple may not know where to turn when they are facing debt. Reach out to a skilled Newburgh bankruptcy lawyer today to discuss your options.
How should debt be divided by a divorcing couple in New York?
When determining how debt should be divided when going through a divorce, it is important to note that it will go through the same process as dividing assets. In terms of dividing a divorcing couple’s assets, the process of equitable distribution is performed by New York courts. It is also essential to note that equitable distribution does not mean that the debt will be divided equally, but instead that it will be divided fairly. In the event that you are going through a divorce with debt, you should not anticipate an even split. The court will take the following factors into consideration when deciding the equitable distribution of a couple’s debt:
- The income of each party
- The health of each spouse
- The age of each spouse
- The length of the marriage
- The value of your marital assets
- The amount of debt the couple has
- The earning capacity of the couple
- The standard of living that the couple is accustomed to
- The monetary and non-monetary contribution each party has made to the marriage
It is in your best interest to reach out to our skilled New York bankruptcy firm today if you have questions concerning how a court might divide you and your partner’s debt. With the help of our skilled legal team, you will be able to thoroughly understand your legal options. Give us a call today.
Should I file bankruptcy with my partner during a divorce?
If you are on cordial terms with your spouse, you may want to learn more about your options for filing for bankruptcy together. If you choose to go this route, you may decrease the risk of conflict in a divorce. For example, instead of having a fight over who will pay off the credit cards, a chapter 7 discharge can make problems like that unrelated. Some of the other benefits of filing together can involve reduced case costs because you will one rather than two shared costs since each party will be contributing to the attorney’s fees and court filing fees, reducing some potential conflict, and speeding up both parties’ financial fresh beginnings.
Do not wait to reach out to our firm today to speak with a skilled attorney if you are going through a divorce with debt and would like to learn more about filing for bankruptcy. With the help of our skilled legal team, you can feel more comfortable knowing that you will have the support you need each step of the way. Give us a call today to discuss your options.
CONTACT A BANKRUPTCY LAWYER TO DISCUSS YOUR DEBT OR COLLECTION ISSUE
Michael D. Pinsky, P.C. represents clients in bankruptcy actions and related matters. Please call 845-394-2616 or contact the firm online to schedule a consultation.