How is debt divided during divorce?
I am in the initial stages of divorce and am trying to learn as much as possible before I hire an attorney. My wife and I have a considerable amount of debt, mostly credit card debt. We have even considered filing bankruptcy. The debt has resulted in things falling apart in the marriage. How would the debt, most of which is from the time we were married, be divided in the advent of a divorce?
Answered By: The McDonnell Law Firm, PLLC
Any marital debt, as with marital property, is divided 50/50 as long as that debt was incurred during the time of marriage. Any debt incurred prior to marriage or after the commencement of a divorce action is your personal debt. There have been cases where debt was ruled to be personal debt when one spouse racked up large debt with the intention of filing for divorce afterwards.
Answer Applies to: New York
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: New York
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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