In the United States today, it is more and more common for couples to struggle with a large amount of debt. The cost of advanced degrees, the declining real estate market and the prevalence of credit card debt all play a large part.
When you and your spouse are divorcing, your debt load must be taken into consideration. Working with an attorney who understands division of debt under New York State law can be a serious advantage — significantly impacting your quality of life after a divorce.
At Ostertag O’Leary Barrett & Faulkner, in Poughkeepsie, we use years of experience to take a holistic approach to divorce. We help our clients manage all issues involved — including division of debt — so that their interests are protected.
Because our law firm takes a holistic approach, we can often help divorcing couples take action on issues of debt that other attorneys might just ignore. For some, bankruptcy may be an option. For others, it may be possible to negotiate a debt down to a lower amount. Whatever action we take, we consider every implication — from the tax impact to advantages you may experience.
In New York State, marital property (property acquired during the marriage with some exceptions) is subject to equitable distribution. “Equitable” does not necessarily mean equal, although it often is. It is a distribution based on certain equitable factors. Under the law, debts accumulated during the marriage are similarly taken into account.
To speak with a lawyer about matters of debt and divorce, contact Ostertag O’Leary Barrett & Faulkner by calling 845-486-4300. You may also complete our online form.