Brooklyn Divorce Credit Defense
A Brooklyn divorce credit defense attorney can help you if there are significant liabilities generated over the course of the marriage and you are curious about your rights with regard to these debts.
All property inside the marriage, including assets as well as debts, have to be dealt with in the course of ending the marriage. Many people are mostly concerned with getting pieces of property, but being assigned debts also has implications for your future.
Dealing with debts is often not talked about as much as the equitable distribution of property and other aspects of terminating the marriage. However, it can be extremely important for both parties to be on the same page. A Brooklyn divorce credit defenses attorney can assist you with preparation of the appropriate materials and documentation to protect you long after the divorce is over.
This is because when you have opened joint credit accounts or lines of credit with a bank or a lender prior to getting a divorce, you can still be held liable for these individually, even if the other party has assigned them as a liability in the divorce action. If you do not have the appropriate verbiage included in the documentation regarding the division of the debts and the other party refuses to keep up with his or her payment schedule, the creditor is well within their rights to come after you, individually. It is important to ensure that you have out guarded yourself against this risk. Anyone who is divorcing in New York should know the laws as well as the consequences when splitting debt in a divorce.
It is common to worry about your assets during a divorce because the valuable collections, financial accounts and the family home may all be divided. However, many people overlook what happens to the couple's debts. A U.S. household has an average debt of more than $132,000, so it is extremely important for couples to consider the implications of this debt. If the debt is divided incorrectly, it could leave both people or an individual spouse in critical financial trouble.
Marital property is divided equally during New York divorce proceedings. This is based on the judge's determination of fairness and does not necessarily represent true equality. When people are unable to agree on the division of the assets and liabilities, the court considers factors, such as each spouse's incomes, their health and age, and how long the marriage lasted.
These same factors may apply with the division of debt. When it comes to dividing these expenses, determining which spouse incurred which debt, the decision is often not obvious. If one person kept a credit card hidden and racked up a large bill, a judge may rule that the other person does not have to pay it. In some cases, the debt could be split based on the stuff that each spouse was eligible to keep, and debt may be traded for property. An appropriate assessment and valuation of each item. Is needed before this is done. Sharing debt can be especially tricky, particularly in when one spouse cannot pay. Experts say each debt should be given entirely one person. This can help to avoid communication problems and other issues down the road. Make sure that your divorce attorney has the appropriate knowledge about how to handle assets and liabilities in the division of a New York marital estate. Your divorce does not need to be any more complicated since you are already facing enough challenges in the end of your marriage- find a lawyer you can trust.