Dividing Debts in a Manhattan Divorce

Divorce Lawyer in Manhattan

In deciding how the debts and assets are divided between spouses in divorce proceedings, the overriding principle the court operates on is known as "equitable distribution."  This does not mean dividing debts or assets in an equal amount, but doing it in such a way as to be fair to both spouses.  The court will view many aspects of your marriage in order to determine what they deem is equitable including:

• The physical and mental health of each spouse
• The work history of both spouses
• Job prospects for both spouses
• How long the marriage lasted
• The source of specific assets in the marriage
• An inventory of your property

Even if your proceedings are amicable, problems can arise that may have a great effect on you and your children's lives after divorce.  In contested divorces, spouses can attempt to hide assets which would affect the court's decisions.  It becomes vital, therefore, to have a proven Manhattan divorce attorney working on your side to protect your rights and help secure your future.

What are marital debts and assets?

Debts are to be divided when your separation agreement is prepared and it does not matter to the court whose name the debt is under.  If it was incurred during the marriage it is considered marital debt.  The same principal applies to the assets of the marriage.  If you owned certain assets before your marriage these would not be regarded as marital assets.  Those that were acquired while you were still married and before divorce proceedings began will be thought of as marital property and are subject to the rules regarding equitable distribution.

Defining and sorting through debts and assets, the value of any property and the financial situation of spouses can be complex and trying for those seeking divorce.  At The Kepanis Law Firm, their attorneys work in vigorous pursuit of your goals, ensuring that the court is presented with factual information to reach a favorable outcome on your behalf.

To ensure the debts from your marriage are divided equitably, contact a proven divorce lawyer in Manhattan .