Division of assets is one of the hardest parts of a divorce.
While there are overarching guidelines for what property accrues to which party (separate vs. marital assets), the issue of dividing debt can be even harder than valuing and distributing your marital assets.
If there are clear delineations on who created the debt, the situation can be easier.
For instance, credit cards that are in one spouse’s name may be directly assigned to that spouse.
However, if that spouse used the card to pay the mortgage, bought groceries for the household, or otherwise used the debt to finance the marriage, then the court is likely to view the debt as marital.
When making these determinations, work with experienced Queens divorce attorneys who understand the big picture considerations and can craft the best possible settlement for you.
Call Zelenitz, Shapiro & D’Agostino today at 718-523-1111 for a free consultation.