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How will debt and assets be addressed in your divorce case?

On Behalf of | Feb 1, 2022 | Divorce

Some of our readers in New York may think that every divorce case eventually becomes an all-out battle in the courtroom. While there are certainly some divorce cases that ultimately need to be litigated in front of a family law judge, there are probably more that are settled through out-of-court negotiations between the parties or even through the use of mediation. It all depends on the issues that need to be addressed in your divorce case and how amicable the divorcing spouses can be.

Property and debt division is oftentimes one of the more problematic issues to address in any given divorce case. After all, you and your soon-to-be ex-spouse may have spent a lifetime together accumulating wealth – and debt. There could be quite a bit to divide up in the divorce case.

In New York, the goal is an “equitable distribution” of assets and debts in a divorce case. This does not mean a 50/50 split. In fact, the ultimate division of assets and debts can be greatly different than an “even” division between the spouses. A wide variety of factors will come into play in determining how assets and debts will be divided.

Your case is unique

At our law firm, we understand that every divorce case is unique because every marriage is unique. Your assets and debts are just one part of the divorce case – but we know that how these issues are addressed is likely to impact your life for years to come. For more information about how we attempt to help New York residents with debt and property division issues in divorce cases, please visit the property division overview section of our law firm’s website.