Division Of Debts Lawyer New York, NY
Division Of Debts Lawyer New York, NY
Divorce can be a strenuous process in itself, financially and emotionally. Perhaps one of the biggest challenges that parting couples face is the division of their marital assets and liabilities. In NYC, the courts abide by the principle of equitable distribution when splitting up marital property, which entails both debts and assets. As our New York, NY division of debts lawyer can explain, equitable distribution means that the court will assess a variety of factors when determining how to split marital assets and liabilities between the two spouses. Factors may include length of the marriage, contribution of each spouse to marital property, and the earning capacity of each spouse. If you are going through divorce and are concerned about the division of debts or assets, contact the Law Office of Daniel Clement today.
Marital Debts
In the state of New York, marital debts are usually considered to be any kind of debt that was incurred throughout the marriage. This can be debts such as student loans, credit card debt, car loans, and mortgages. But there are exceptions to this. For instance, if one of the spouses had debts prior to the marriage, that debt may be viewed as separate property and is not subjected to division during divorce. Furthermore, debt that was accumulated for purposes not related to the marriage, such as a gambling debt or a business loan, may also be considered separate. After the court has assessed which debts are martial, they will then decide how to divide them between the parties. The court may factor the financial situation of each spouse, their ability to pay the debt, and their current income level. It is important to know that even if the court assigns a debt to one spouse, both may be responsible for paying it. Creditors may not be bound by the court’s decisions and may pursue either spouse for payment. Ultimately, it is imperative that you have a clear understanding of how the debts will be divided and how this could still impact you even if a debt is not assigned to you specifically. If you have questions about this, please reach out to our NYC division of debts attorney as soon as you can.
Law Office Of Daniel Clement
Divorce can already be a grueling process. Knowing that you will also have to divide your assets and debts can be stressful, as you worry what you will be forced to pay for and if your former spouse will receive assets that you want to keep. All in all, it helps to have our New York division of debts attorney represent you so that we can watch out for your best interests at this time. There are many ways that divorce may not go as planned. The ideal strategy for the process of divorce is to have a legal team you can rely on to handle things as you focus on yourself. If you are going through a divorce, contact us at the Law Office of Daniel Clement for support.
What Our Clients Say
Very knowledgeable. Daniel made things much easier in my custody case. He helped me to prepare and with his recommendation we avoided going thru the pain of a trial.
Thanks a lot Daniel!
– Felipe R.
Law Office of Daniel Clement – NYC Family Law Firm
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New York, NY 10016
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“Daniel is a highly skilled professional whose experience and emotional support were key enable me navigate and successfully go through what can be a challenging and stressful process at times. I am very grateful for his prompt responsiveness always, his commitment to protecting my interests and efficiency at getting my divorce finalized. I definitely recommend.”
Thomas Sczyrba
YOUR ATTORNEY
Daniel Clement
The Law Offices of Daniel E. Clement
Daniel Clement graduated from Brooklyn Law School and the State University of New York at Albany. With over 35 years of experience, he has been a member of the New York City Bar Association and the Matrimonial Committee. In addition, he has worked as an Arbitrator in the Small Claims Court of the City of New York.
Known for his straightforward yet savvy approach to law, he specializes in multiple areas of family law including divorce, how to protect assets in a divorce, child custody, prenuptial agreements, property division, maintenance/alimony, and high net worth divorce. Clients hire Daniel for the personal attention, hard work, street smarts, and excellent value he brings to each case.
An accomplished attorney, Daniel also lectures and writes for various publications, including a blog entitled the “New York Divorce Report” and has co-authored the book, “Onward and Upward: Guide to Getting Through New York Divorce and Family Law.”
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