Brooklyn divorce courts use a system known as “equitable distribution” to allocate assets and debts when couples divorce.
Under that system, things are intended to be divided in a fair way, which means that while you’re likely to have some exposure to the business loan your spouse took out, it may not be a 50-50% split.
If you and your spouse are still at a point where you can resolve issues through conversation, you may find that they are willing to shoulder the greater responsibility for the loan just because it was theirs.
If not, your attorney should fight hard on this point.
Protecting a client’s financial well being after a divorce is one of the key tasks of any divorce attorney, and letting clients take on significant debt they didn’t accrue is an outcome that should be avoided.
When your spouse took on loans to start a business that failed, you shouldn’t have to cover that debt for them when you divorce.
Call the attorneys at Zelenitz, Shapiro & D’Agostino at 718-725-9601 today for a free consultation with an experienced Brooklyn divorce attorney.