Negotiating property division in New York

Posted By The Law Office of Kelley M. Enderley, PC || 21-Jul-2014

Many divorced couples in New York understand how problematic property division can be if not managed properly. Often times, people are still held liable by creditors if their name is still attached to the marital home. If the divorce or separation has not been finalized, an individual can still be held liable for the debt incurred by an ex-spouse for non-payment. This may also create a challenge for those attempting to obtain a mortgage for a new home after the divorce has been finalized.

Monitoring personal credit scores may be one of the most effective ways to learn if something is amiss. For many people, credit reports can serve as an alert if there is outstanding debt that has been incurred by the former spouse. Creditors typically require a copy of the divorce decree in order to confirm the legal status of the marriage and liability of each party involved.

Creditors often hold an individual accountable for joint debt as long as the marriage is still recognized as being in effect. If the marriage has not yet legally been terminated, problems may occur from an ex-spouse's nonpayment or if a creditor requires a signature from the other party as well. If the couple is still legally joined, an individual may need an ex-spouse to sign a quitclaim deed to dissolve any interests in the newly sought-after asset.

People who are planning to initiate a divorce in the near future may benefit from consulting a divorce attorney as early as possible. Legal counsel may be able to help a client avoid any unforeseen challenges or mistakes that could have long-term consequences on building a new future, through the negotiation of a comprehensive property settlement agreement.

Source: credit.com, "How to Divide Your House in a Divorce", Scott Sheldon, July 09, 2014

Categories: Divorce, property division