New York spouses who have student loan debt, or spouses married to people with student loan debt, may be curious how an impending divorce will affect their educational loans.
Don't trust your spouse? You certainly aren't the first person to feel that way, especially when faced with a divorce. If your spouse makes significant money and you feel he (or she) is hiding something from you to keep you from accessing your fair share, then you need to investigate, particularly if one of the following is true:
Heavy student loan debt is a burden for people throughout the United States, but debt-related matters can become especially complicated in the midst of divorce. Like the majority of states, New York is an equitable distribution state, which means that marital assets and debts will be divided equitably between the spouses.
One of the most confusing and emotionally-draining experiences a person may ever have is a divorce. Divorce is a major life change, especially for spouses who did not sense the end of a marriage was near.
The longer a couple is married the more complicated a divorce settlement may become. It would stand to reason that couples married for multiple decades would choose to stay together, but divorce statistics say otherwise. More long-time married couples are splitting up than ever before.
The owner of Brooklyn's Smith Street restaurants Pacifico, Gowanus Yacht Club and Patois married in 1998. In 2009, his wife filed for divorce, and for two years the couple has been battling over asset division.
The former CEO of Cendant has tried to convince a New York court that his IQ should give him the financial edge in a divorce from his second wife. A New York judge, however, declared that "genius" is not reason enough to take more than his fair share of marital property.
Thinking clearly through a divorce process can be an endurance test for many New Yorkers. Divorcing spouses often allow the financial impact of a divorce settlement to become secondary to emotions at a time when practicality needs to be a priority. Property division, long-term financial plans, child support and spousal maintenance are issues that can easily overwhelm people who are facing the end of a marriage.
Asset division can be tricky in divorce court when a former spouse is being prosecuted for fraud. A New York appellate court decided recently that an ex-spouse, who was unaware that her husband's gains might have been obtained illegally, deserved to keep the money she received in the divorce settlement, even if it may have come from questionable sources.