Dealing With Debt And Protecting Your Interests
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 volatility of the real estate market and the prevalence of credit card debt all play a large part.
When you and your spouse are divorcing, your debt must be divided and that division can be complex. Working with an attorney who understands the 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, we use our more than 25 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.
Knowing Your Options
Because our law firm takes an integrated 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.
Division Of Debt
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.
Our attorneys spend time reviewing these experts’ work to ensure that the division of assets and debts is in your best interests. We believe in reasonable and collaborative approaches to asset division, but this also means that we do our due diligence – making sure that our advocacy is based on thorough knowledge and well-reasoned strategies.
Choose Skilled And Experienced Representation
Our attorneys are ready to help you through even the most complicated challenges in divorce. Come meet with our team at our Poughkeepsie office and see how we can represent your needs. Call us at 845-330-0650 or email us here to schedule your initial consultation today.