How can a debt acquired during marriage impact alimony in New York?
Divorces, even amicable ones, can quickly become contested when making decisions about the terms that will apply to the termination of the marriage regarding custody, support, and property division. Property division is one of the most contentious matters couples face while divorcing, as each party’s hard-earned assets are at stake. New York is an equitable distribution state, meaning all marital assets and debts are divided equitably between a divorcing couple. That said, financial matters can add to the stress of this legal process, especially if your spouse has accumulated significant debt during the marriage, in such cases. You may be responsible for paying a portion of your spouse’s debt. If you are getting a divorce, it is crucial to understand how debts are handled and how they can impact your alimony payments. Please continue reading and contact an adept Nassau County Alimony Attorney who can guide you through this intricate process and protect your standard of living.
What is alimony?
Alimony, or spousal support, is a predetermined periodic payment from the higher-earning spouse to the lower or no-earning spouse. This type of maintenance is meant to provide financial assistance to maintain the standard of living established during the marriage. When deciding whether to grant alimony, the court considers numerous factors to determine the duration, amount, and necessity. The purpose of alimony is to reduce the unfair financial discrepancy between spouses.
Will my spouse’s debt affect alimony in New York?
During property division, it’s natural to be concerned that you might have to pay more alimony if your spouse is in significant debt. Alimony payments are determined by the financial needs, earning capacity, and ability of the payer to afford this type of maintenance. Consequently, how the debt was acquired can influence the amount of alimony one spouse may be obligated to pay or entitled to receive.
If your spouse’s debt stems from expenses related to an extramarital affair, it is unlikely that you’ll have to pay more alimony. On the other hand, if your spouse struggles to find employment due to a lack of education or training, their financial needs may increase, impacting the alimony payments. It is imperative to consider that if an individual receives a more significant portion of the outstanding debt in a divorce settlement or legal dispute, the court may reduce the amount of alimony they are obligated to pay, as they already assume significant financial responsibility.
If you are undergoing a divorce, it is in your best interest to contact a competent Nassau County alimony attorney from The Pollack Law Firm, P.C., who can help you safeguard your hard-earned assets during property division and help you fight for a fair alimony determination.
If you’re going through a divorce, it is in your immediate interest to consult with a skilled Nassau County alimony attorney from The Pollack Law Firm, P.C. We can assist you in protecting your hard-earned assets and your way of life.