Unfortunately for some, your Long Island Divorce can bring out the worst in your soon-to-be ex-spouse. Whether you begin your divorce amicable or contested, we always advise our clients to protect their credit before, during and after their divorce. We have been witness to many horror stories in which an upset spouse wracks up debt in the other spouse’s name. (more…)
As experienced divorce attorneys on Long Island, we know that after you and your spouse have made the decision to divorce, it is likely that you will have many conversations regarding important topics within your marriage, including property allocation, child support and custody, and spousal maintenance. In my many years of practice, I have found that, on some occasions, the finances of the couple jointly, and the parties individually, can be left out of those conversations. The topic of your finances is a vital component of your Long Island divorce, and needs to be addressed thoroughly in order to reach an equitable settlement for both of you. (more…)
However, if you have selected the right attorney, he or she will do his or her best to ensure that your legal fees stay as low as possible, typically through settlement negotiations rather than court appearances. Despite their best efforts, there are some situations that, no matter how good the attorney, can end up costing a good deal of money in legal fees. In some cases, your spouse will purposefully attempt to drag out your divorce, hoping to increase your legal expenses, strong-arming you into agreeing to a settlement that is not in your favor. In these situations, there may be a remedy available to you.
As a Long Island Divorce Attorney who has met with countless clients and prospective clients during their complimentary consultations, I have seen people immediately intimidated by one of the key pieces of information we need to collect: the Statement of Net Worth. In an effort to alleviate that intimidation, we have complied some basic information.
Marital debt is debt that is acquired by either spouse during the marriage. Common types of marital debt are credit card debt, mortgages and home equity loans, medical bills, and automobile loans. This kind of debt is often accrued for the benefit of the marriage, such as buying a home. An exception exists where a creditor had secured separate property belonging to one spouse, such as a lien on a property that was owned by one spouse prior to the marriage.
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Most Long Islanders would like to believe that their spouses are open and honest with them when it comes to assets, yet as an experienced divorce lawyer on Long Island, I have found that this is not always the case when divorce is on the line.
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As an experienced Long Islanders divorce lawyer, I know those going through a divorce are eager to learn how their assets will be divided, but rarely consider what portion of the marital debt they will carry after they divorce. Loans, mortgages and debts are just as important in the divorce process as assets. (more…)
On Long Island, when a couple decides to divorce, there is inevitably property that must be divided so that each spouse can have some property each spouse goes their separate way. Nassau and Suffolk Counties are governed by New York state law which provides for “Equitable Distribution” of both assets and debts. This means that both assets and debts can be split between the parties in a manner that is determined by the court to be most fair and equitable. In addition to assets like bank accounts, houses, cars, etc., debts such as mortgages, personal loans, credit card debt, student loan debt, tax liabilities, and some business loans may be divided in equitable distribution.
This does not always mean that the debts will be split in half, but instead means that the court will determine what manner of splitting is the most fair and even.
The court strives for a fair and equitable outcome when dividing property in a divorce, and so it looks to several factors in order to make the determination of how the marital debts will be split. The nature of the debt, who incurred the debt, for what reason the debt was incurred, and to whom the debt is owed, are all of importance in determining how to divide them.
Courts consider each spouse’s income, earning power, likelihood of future financial success or difficulty, the duration the marriage, the financial needs of the parent who will be primarily caring for the marital children, any awards of spousal support, any loss of pension or health insurance that a spouse will lose due to the divorce, contributions to the marital property either with pre-marital money or as a homemaker, and any other factors that the court finds relevant.
It is important to remember that equitable distribution only applies to marital property. Marital property is any property that is acquired during the marriage that was not given to one spouse as a gift or inheritance. Only marital property can be divided by the court.
Separate property, on the other hand, is property owned by one spouse prior to the marriage, or property acquired by one spouse by gift or inheritance during the marriage. However, keep in mind that a spouse may be entitled to a portion of the value of his or her spouse’s separate property if he or she contributed to the increase in value. Furthermore, any property referenced in a pre- or post-nuptial agreement as separate property will be treated as separate property by a Nassau County or Suffolk County court.
Marital debts are often distributed in the same manner as marital assets. However, the distribution of the debts may be different in cases where one spouse has a significantly greater ability to pay, or one spouse is solely responsible for incurring the debt obligation, and incurred the debt for his or her exclusive benefit. In some instances, a debt is incurred by one party and only for the benefit of that party. Generally, any debts incurred during the marriage are considered marital debts, and are therefore subject to equitable distribution. The party who wishes to share the debt with his former spouse has the burden of proof as to why the debt was incurred and whether it was for the benefit of both parties.
It may also come as a surprise that a wrongdoing such as adultery may have only a very slight impact, if any, on the outcome of the divorce. The assignment of blame does not necessarily change the equitable distribution awards or the apportionment of marital assets. The judge will still focus on fairly splitting the assets and what type of custody or visitation with the children is in the best interests of the children and family as a whole. Many factors are considered by the judge in order to determine the appropriate distribution of assets and custody of children. To the dismay of the betrayed spouse, evidence or an accusation of adultery may have little effect on this calculation.
An experienced Long Island divorce lawyer can assist you in assessing your rights and responsibilities in your divorce, and can help to ensure that you receive everything you are entitled to under New York State law. The Office of Hornberger Verbitsky, P.C. provides free consultations to discuss your options. Call us at 631-923-1910 to schedule yours.
For more information about Property Division in your divorce, visit our Complete Guide to Dividing Property in Divorce.
Our 41-page “Guide to New York Divorce: What You Need to Know Before Hiring a Divorce Lawyer in New York” written by an experienced family law lawyer, Long Island’s Robert E. Hornberger, Esq., provides you with real information on the divorce process and the laws it rests upon in the state of New York. This book will help give you a solid foundation upon which you can begin the process of making your family’s, life better. Download your Free Guide to New York Divorce here.
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Equitable Distribution of assets and debts is a key part of any divorce. As a Divorce Lawyer on Long Island, I see that the major concern for couples going through a divorce is how debts and liabilities will be shared once the spouses go their separate ways. (more…)
