FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
I HAVE BEEN MARRIED FOR 11 AND A HALF YEARS. MY WIFE WANTS A DIVORCE. I HAVE BEEN UNEMPLOYED FOR 3 YEARS. I WORKED PRIOR TO THAT AS A PERSONAL FITNESS TRAINER. I USUALLY EARN BETWEEN 25-33 THOUSAND $ A YEAR. SHE MAKES 100 THOUSAND $ A YEAR NOT INCLUDING BONUSES. WE LIVE IN A TOWN HOME, WE BOUGHT SHORTLY BEFORE MARRIAGE. THE HOME IS IN HER NAME. SHE HAS AGREED THAT WHEN SHE SELLS IT WE WILL SPLIT THE PROCEEDS. SHE HAS A 401 AND OTHER INVESTMENTS. WHAT AM I ENTITLE TO.Answer:
Any property acquired during the course of the marriage, unless by inheritance, gift, or bequeath, is deemed to be marital property, with each party generally having a right to approximately ˝.
Since the town home was acquired prior to the marriage and is being held in your spouse’s name only, there may be a serious question as to whether it is in fact her separate property or marital property. If she has agreed to divide the proceeds, you should take it. All contributions that were made to her 401 K during the course of the marriage should be marital property as well.
If you are living in the New York City metropolitan area, I strongly suggest that you call me at 212-370 -1660 to arrange to discuss mediating your divorce. It is a much more civilized way of dealing with the issues and you and your spouse will have the ability to determine exactly how to divide your assets rather than have a stranger ( the judge) decide who gets what.
Leonard M. Weiner, Esq./ Divorce Solutions