We talk about student loans a lot when discussing bankruptcy, but did you know that this type of debt could actually come up during your New York divorce? For many younger couples today, part of getting married simply means that they will be taking on each other's debt. Although some existing debt may be considered joint marital property, student loans generally do not fall into that category. That is, the person who incurred the educational debt will likely still be responsible for it even after a breakup.
When couples get married, it isn't uncommon for one of the spouses to compromise his or her career prospects in order to strengthen the other spouse's career or to care for the children. The spouse who stays home or otherwise compromises may do so happily, but unfortunately, an unexpected life change, such as divorce, can leave a stay-at-home spouse with financial burdens.
Divorce can be especially complex for New York business owners. In our state, marital property is divided equitably between the divorcing spouses. Equitable distribution does not guarantee an equal split, and a common question for business owners is whether their company assets, such as stocks, will be subject to property division.
It's no secret that for many people divorce is the most emotionally fraught upheaval they will encounter in life. Aside from personal conflict between the spouses, matters of child custody and property division can make the divorce process even more trying. Unfortunately, these issues sometimes lead to exchanged threats between the spouses.