One of the most difficult and challenging parts of most divorces is
property division. When most people think of property and asset division, they tend to think
of specific items, like a house, car, furniture, and other items. However,
assets and debts are also included in this division process. If there
is debt between the spouses, that debt must be reassigned. Our
Yonkers family law lawyer shares some things you should know about debt during a
divorce and whether or not you could be responsible you’re your partner’s debt.
This Debt Is Your Debt; This Debt is My Debt
New York is an equitable distribution state, which means
debt acquired during the marriage equally belongs to both spouses. Debts that were acquired before the marriage would remain the responsibility
of the spouse whom it belonged to. In that way, debt division is similar
to the division of assets.
What if I’m not the one that created the debt?
The division of debt acquired during the marriage is not susceptible by
who created it. For example, if your spouse racked up a ton of credit
card debt, that debt would be his or her responsibility in the event of
a divorce. However, if your spouse racked up that credit card debt while
you were married, you would be responsible for part of it, even if you
did not contribute to the debt at all.
There are rare situations in which an individual can prove that their spouse
was solely responsible for the debt that was acquired. The individual
must also prove that the spouse’s debt did not benefit the marriage
community in any way. For instance, you could probably prove that your
spouse put you into debt by buying a boat, but if you enjoyed that boat
at all, you would still be liable for that debt.
If your spouse inquired a ton of debt during your marriage and you need
contact The King Law Firm today!