Is New York a community property state for debt?
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Is New York a community property state for debt?
There are nine community property states in the U.S. where it is easier for creditors to pursue non-signatory spouses for debt, as long as the spending was incurred to benefit both partners in the marriage. But New York is not one of them – instead, it is a common law property state.
What is considered marital property in New York?
“Marital Property” is defined by the NY Equitable Distribution Law as all property acquired by both or either spouses during the course of the marriage regardless of form title held: prior to execution of a separation agreement or prior to commencement of a matrimonial action.
What states are community property?
The states having community property are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin. Community property states follow the rule that all assets acquired during the marriage are considered "community property."
