People heading into divorce are often so concerned about getting a fair deal in their property settlement that they overlook the other half of the equation: marital debt. In New York, all debt is subject to characterization as separate property or marital property. Spouses that bring debt into the marriage are likely to have the debt characterized as separate property and assigned to the indebted spouse. Any portion of the debt that can be shown to have increased during the marriage because of joint decisions made by the spouses may be subject to partitioning. In that case, the increased amount of the debt may be characterized as commingled and therefore marital property.Debt Is Subject to Equitable Distribution
For more than a quarter of a century, I have been representing clients with high net worth, who have much to lose in their divorce settlement. If your debt, including business debt and your jumbo mortgage are a primary concern in your pending divorce, get experienced legal help. Speak to me at the firm of Jonathan D. Katz, Attorney at Law, for serious representation.
To learn how an understanding of the exceptions and complications of marital property characterization can benefit you, contact me. From my office in New Paltz, I serve clients throughout the Hudson Valley, the Catskill region and the New York City metro region.Jonathan Katz Can Help You Resolve Your Debt-Characterization Issues
Any uncertainty as to whether your debt can be characterized as separate or marital property can usually be resolved in negotiation and mediation. In the event that parties cannot come to an agreement, a judge will make the decision. I am an experienced property settlement negotiator, often able to find creative resolutions to even the most complex property and debt issues. I do everything possible to keep your property settlement out of court. In the event your case must go to trial, you will have a skilled trial lawyer fighting to protect your financial interests.
Wherever you are in central or eastern New York, call me toll free at (845) 255-7635 or contact me by e-mail.