FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I have been advised that, in NY, I would be entitled to a portion of the retirement assets (pension plan or 401(k) assets) accumulated by my husband during our marriage. Is there a standard formula used to determine our respective shares? Am I correct in assuming he would also be entitled to a portion of the funds I accumulated in my 401K plan too?Answer:
Under the law in the State of New York, all property or assets earned during the course of the marriage, regardless of in whose name the property is held, is considered marital property and is subject to Equitable Distribution ( approximately divided in half with some leeway left to the judge to adjust the figure somewhat, depending on the circumstances). Pension plans, 401k's included, fall into this category and would be subject to Equitable Distribution if they were funded by money earned during the course of the marriage. It would apply equally to your 401k as well.Back to content
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Leonard M. Weiner, Esq. Divorce Solutions