Legal Question in Family Law in New York
If my husband has credit cards in his own name and I have credit cards in my own name if we divorce do I incur some of the debt on his credit cards because it is consider debt during our marriage or am I protected because it's just in his name? Also if an asset such as a boat and truck that is just under his name but purchased during our marriage be considered to be equally divided at fair market value or am I not entitled since it's just under his name?
1 Answer from Attorneys
Q. do I incur some of the debt on his credit cards because it is consider debt during our marriage or am I protected because it's just in his name?
A. The debt is marital and subject to equitable distribution. However, if you are worried about the creditor, generally it would be the husband's responsibility.
Q. Also if an asset such as a boat and truck that is just under his name but purchased during our marriage be considered to be equally divided at fair market value or am I not entitled since it's just under his name?
A. It would be marital property subject to equitable distribution.
Mike.
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