FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I am a teacher with a son about to go to college, trying to divorce on a limited budget. My ex is also a teacher. We hope to be able to use a mediator, rather than a divorce attorney... but I'm trying to get enough info first to determine if this is realistic. Two of my most pressing questions:
1. When trying to divide property and assets up 50/50, what happens to a NYC Mitchell-lama coop? It has no market value, as we can only sell it back to the coop for what we paid for it, but if we were renting it on the open market, our lovely UWS 2-bedroom would probably rent for about 6,000/month, or if we owned it, sell for perhaps 800K.
2. Also, if some stocks are in both our names and some in only his name, are they all subject to a 50/50 split, or am I entitled only to half of the ones held jointly?
If one of you intends to remain in the coop apartment, the value of the coop can be determined by the difference between the monthly cost of the coop as opposed to a comparable rental apartment in your particular area. If neither of you intend to remain in the coop, and it cannot be sold, then there is no residual value to be divided.
Any asset including stock which was acquired during the course of the marriage with marital funds (e.g. funds that were earned during the course of the marriage other than by inheritance ) are marital property regardless of in whose name the asset is held and should be generally divided equally.
If you are living in the New York City metropolitan area, please call me at 212-370-1660 to arrange a meeting to discuss mediating your divorce.
Leonard M. Weiner, Esq. /Divorce Solutions