asset distribution Archives - New York Divorce Lawyer Blog

Court Discusses Property Characterization in New York Divorce Actions

Published on: July 30, 2024 | by Rudyuk Law Firm

Generally, under New York law, any income or property a person acquires while they are married is deemed a marital asset. There are exceptions to the general rule, though, for things like property obtained via inheritance. While money from an inheritance can be converted to marital property, a person arguing it should be considered a joint asset must support their position via convincing evidence; otherwise, their argument will likely be rejected, as demonstrated in a recent New York case. If you or your spouse are weighing whether to end your marriage, it would benefit you to speak with a New York divorce lawyer about your options.

History of the Case

It is reported that the husband and wife married in 2013. During the marriage, the wife received a $125,000 inheritance from her grandfather, which she used towards the $160,000 purchase of their marital residence the following year. The remaining $35,000 was covered by a mortgage. Notably, the wife provided the husband a “gift letter” stating that the $125,000 was an outright gift to him so that he could demonstrate he had sufficient funds to purchase the home.

Allegedly, the husband commenced a divorce action in 2021. The trial court issued a judgment of divorce that included the distribution of marital property and awarded maintenance to the wife. The husband appealed the judgment, particularly challenging the trial court’s decisions on the classification of the $125,000 inheritance as separate property, imposing responsibility on him for the mortgage, and the awarding of maintenance to the wife. Continue reading

Court Analyzes Equitable Distribution in New York Divorce Actions

Published on: May 22, 2023 | by Rudyuk Law Firm

It is not uncommon for married couples to share finances, regardless of each party’s individual earnings. If they divorce, though, they may disagree regarding property rights. New York is an equitable distribution state, which means that the courts divide assets in a fair, rather than equal, manner in divorce actions. As discussed in a recent New York opinion, however, in many instances, the courts aim to distribute property as equally as possible. If you are contemplating ending your marriage, it is in your best interest to speak to a New York divorce attorney regarding what actions you can take to protect your interests.

Factual and Procedural Background of the Case

It is reported that the parties, who were married for seventeen years, divorced. The court issued an order dividing the couple’s marital assets. Specifically, among other things, the order determined that one of the couple’s businesses had no value at the time the divorce action began and, therefore, made no distribution for that business. The court granted the wife 30% of the value of another business and 40% of the value of third. The wife appealed, arguing in part that the trial court improperly valued and divided the couple’s business interests.

Equitable Distribution in New York Divorce Actions

On appeal, the court modified the trial court ruling. With regard to the valuation of the first business, the court noted that the parties agreed to value their marital business interests near the start of their proceedings. Continue reading

Court Discusses Property Rights in New York Divorces

Published on: May 26, 2022 | by Rudyuk Law Firm

Under New York law, when a couple divorces, any marital assets are subject to equitable distribution. In other words, the courts will allocate them in a manner they deem fair, which does not necessarily mean they will be divided equally. Separate property, on the other hand, remains the property of the spouse to whom it belongs. In some instances, however, a party may be entitled to a percentage of the increase in value of their spouse’s separate property, as demonstrated in a recent New York case. If you have questions regarding how a divorce may affect your property rights, it is advisable to speak to an experienced New York divorce lawyer as soon as possible.

History of the Case

It is alleged that the parties married in 2007 and had two children together, both of whom were born in 2010. The husband subsequently filed an action for divorce. The case proceeded to a bench trial, after which the judge entered a judgment of divorce and awarded the husband, among other things, 50% of the value of appreciation of the marital home. The wife appealed.

Property Rights in New York Divorces

The appellate court affirmed the trial court’s order with regard to its decision to grant the husband 50% of the value of the appreciation of the marital home, which was the wife’s separate property. The court explained that under Domestic Relations Law section 236, equitable distribution of assets must be based on the unique circumstances of the case in consideration of multiple statutory factors. Continue reading

Equitable Distribution in Divorce Cases

Published on: November 19, 2020 | by Rudyuk Law Firm

In many marriages, one spouse acquires or saves substantially greater assets than the other. When such marriages end in divorce, the court may grant a lesser share of marital assets to the less affluent spouse. In other words, a court’s equitable distribution of marital property does not necessarily result in an equal division but in a disposition that the court deems fit under the circumstances of the case. A court’s discretion in dividing community assets was the topic of a recent opinion issued by a New York court, in a case in which the husband’s wealth far exceeded the wife’s. If you are contemplating filing for divorce, it is advisable to speak to a seasoned New York divorce attorney to discuss what to expect in terms of equitable distribution of your marital estate.

History of the Case

It is reported that the wife filed for divorce from the husband. Due to the complexities of the marital estate, a bifurcated trial was issued to determine what constituted marital versus separate property and how any marital property should be divided. Following the trial, the court issued a judgment equitably distributing the estate and issuing spousal and child support awards. The parties both filed appeals, but the trial court’s rulings were modified but affirmed on appeal.

Employee Stock and Restricted Stock Options -How to Uncover the Hidden Assets

Published on: October 8, 2020 | by Rudyuk Law Firm

During the Pandemic, more companies are offering employees stock options and other stock awards instead of regular compensation. Such assets are not easy to uncover during a divorce process. There are certain things you can do to find out whether your spouse is hiding an employer stock plan and ensuring that you receive an equitable distribution of those assets.

It is essential to retain a divorce lawyer in NYC to help you find the hidden assets of your spouse and an expert to perform a financial analysis of them.

The following documents will help you determine whether your spouse has stock options or restricted stock options awards from his employer.