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