In a New York divorce, marital assets are fairly distributed between the two spouses, either by agreement or by court order. But equally important are decisions on how marital debt should be divided.

Marital debt is debt that is incurred during marriage. This can include mortgages, car loans, personal loans and credit card debt. New York follows an equitable distribution approach to dividing both marital assets and marital debts. This means that the court will not make a presumption that marital debt should be divided equally, but instead consider what is fair to both parties. This evaluation considers the couple’s entire financial picture, considering each spouse’s contributions and costs to the marital estate. Courts can look to a variety of factors, including:

• How long the marriage lasted
• The age and health of the spouses
• Each spouse’s earning potential
• Whether one party is receiving spousal maintenance
• Whether either party was wasteful with marriage assets or incurred excessive debts

While equitable distribution divides marital debt, it does not divide separate debt — that is, debt that one spouse brought into a marriage, such as a student loan or old credit card debt. Separate debt remains that party’s responsibility to pay after the marriage is over. Courts may also sometimes consider debt incurred during a marriage to be separate debt in special circumstances. For example, if one spouse takes out a large loan for gambling without the other spouse’s knowledge, the court may consider that a separate debt rather than requiring both parties to split it.

Spouses often disagree as to how to divide marital assets and debts. If you are considering divorce or are already in discussions with your spouse about it, consulting with an experienced divorce attorney can help you to get a better sense of how your assets and debts are likely to be divided and how to avoid unnecessary disputes. And if you are unable to amicably divide assets and debts, your attorney can protect your interests by making a compelling case before a judge.

At Bombardo Law Office, P.C., I represent spouses in all aspects of divorce cases, including the equitable division of marital assets and debts. Please call my Syracuse office at 315-800-4002 or contact me online for a free initial consultation.