FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I have been married for six months and now I want to divorce. I own 2 New York City yellow cab medallions, which I bought four years ago. Could my wife ask for part of those medallions? Is there any other way than divorce?Answer:
In order to get a divorce in New York you must have " grounds" (See earlier answers discussing what constitutes "grounds".)Back to content
Assuming that you have legal "grounds" to divorce, the court would normally consider the duration of the marriage in determining the division of marital assets. If you acquired these medallions prior to your marriage, and kept their ownership in your name only and did not use marital assets to pay any loan on them, they should be considered "individual assets" and not included in the marital estate.
There may be other resolutions of your problem. Please call me at 212-370-1660 to discuss the matter in greater detail.
Leonard M. Weiner, Esq./Divorce Solutions