FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I want to apply for divorce, but i have a question if
I can do it right now. My husband currently does not
work for W2 from, but he receive money as
self-employed(1099 Form). I don't know the amount. My
income is $40,000 and I have about $7,000 on my
saving. He owes the coop-apartment( he bought it
before we got married) and i know that he has a lot of
money in stocks, i am not sure if he has saving
account. My question is in case if I'll apply for
divorces can he apply for alimony for him?
Theoretically, you are correct in being concerned about your husband's
requesting that you provide him with spousal support. But in reality, if he is in fact
earning cash, the court will investigate and determine approximately how much he is in effect earning
and therefore this alone should not prevent you from proceeding with a divorce.If we were to mediate this divorce, we would determine the approximate amount that your husband is earning and work from there.
Any assets, including money, earned during the course the marriage are considered marital property and are generally divided 50-50. Therefore any savings or any stocks which your husband purchased during the course of the marriage , regardless of in whose names those assets are being held, would be considered marital property and divisible 50-50. The co-op, if purchased prior to the marriage, is his separate property and not marital property.
If you are living in the New York City metropolitan area, please call me at 212-370-1660 to discuss the matter in more detail.
Leonard M.Weiner, Esq.\ Divorce Solutions