FINANCIAL ISSUES – MARITAL PROPERTY V. SEPARATE PROPERTY – Page 25

Oct 30, 2018

Question #61: I have been married since September 2000 and live in New York. No children. My husband and I are thinking of separating due to the fact that we just cannot get along. I have owned a house since 1990 and the deed and mortgage is in my name only. I also have my elderly parents living with me and help support them at times. My question is, will my husband be entitled to half of the house? He is telling me that I am not entitled to any of his pension because we would have to be married at least seven years. Also, I took out an equity loan to pay for our furniture and payoff his credit card bills. I did have him sign an agreement that he would pay me back if we divorced. But he is saying that he is entitled to half the money in the savings account. The loan and the savings account are in my name only. Please advise. Thank you.

If the house was your property prior to the marriage and remained in your name after the marriage , it is individual property and not marital property and thus it belongs to you alone. You would be entitled to approximately one half of his pension earned during the marriage. He would be entitled to one […]

Oct 30, 2018

Question #59: My state of residence is NY. After many years of living apart have finally taken the steps and have a legal separation with the goal of the divorce being finalized at the end of the year. My question is, I would like to purchase a new home joint with another person. Since I am only in the separation stage my partner fears that if something should happen to me, my “almost ex-spouse” would have claims on this home. Is this true? If so what other options are there besides waiting until the divorce is final.Thank you

If you have a legal separation you should review the terms of the separation carefully. Generally, the acquisition of property by each party is expressly discussed and usually provides that the other party will not have claim to such property. Did you have an attorney prepare the separation agreement? Consult him/her to be sure. If […]

Oct 30, 2018

Question #58: After one year of marriage, my wife committed adultery and wants a divorce. We have no children. We own a house together that has no equity in it as I used a VA loan with no-money down. I understand that she has no sufficient grounds for divorce.We are selling the house, and as it turns out it will be a fairly hefty profit. Since I believe that her contribution to the marriage was minimal, being that she only paid her half of the mortgage, and I paid all other bills, and substantial home improvement costs, is there any advantage to delaying the separation agreement until after the sale of the house. Certainly she’s entitled to some money, but I really don’t want to give her half of the profit. It doesn’t seem very equitable to me. What should I do?

You did not indicate what state you were located in. In New York,which is an “equitable distribution” state, assuming you acquired the house after your marriage, your spouse would be entitled to half the net profits from the sale. You may, however, be entitled to compensation for your separate contribution of home improvement costs and […]

Oct 30, 2018

Question #56: I’ve been married for 8 yrs and now I want to file for divorce and move out of state. I haven’t really worked much in the years we have been married; there are no kids involved and we rent our home. He makes over 100 thousand a year but tells me I will leave with what I came in to the marriage with, is this a true statement? I’m very much alone in this and I know I will need some sort of support for a short period of time. Also can he cut me out of his medical insurance once there is a legal separation? Help!! I’m really lost. Thank you.

You are entitled to approximately one half of everything you both have acquired during the course of the marriage, no matter in whose name the money, shares, accounts, or real property is in. If you do not have medical insurance, he will have to cover you and provide you with spousal support until you can […]

Oct 30, 2018

Question #55: Question: Re: California Community property laws. I purchased two homes prior to marriage. & also owned one business approx 15 years prior to marriage. All titles have remained in my name & during the past six years of marriage. NO mortgage payments, taxes, repairs, or even utilities have been made by my spouse. If divorce were to take place would these properties be considered my separate properties?

Under the facts you present the property is clearly separate property and not Community Property but your wife may have a claim to be reimbursed for half of your earnings that went into paying the mortgage, etc. on the homes and half of the increase in the value of the business since the date of […]

Oct 30, 2018

Question #53: My husband has a piece of real estate which I have asked them to deed over to me to secure the payment of any settlement arrangement, but he has refused. What can I do?

You do not need your husband to deed the property to you to secure payment. You have asked them to transfer the property to you when in fact you really need a security interest in the property, not ownership of the property. What you should have requested from him is a first mortgage on the […]

Oct 30, 2018

Question #52: I do not have the financial resources to conduct discovery to find my husband’s hidden assets; how do I discover these hidden assets without extensive financial expenses?

Under the laws of the State of New York and many other jurisdictions a party to a divorce may require the other party to execute a sworn net-worst statement in which the executing party swears under oath that he has declared all of his assets. The terms of any settlement shall be conditioned upon the […]

Oct 29, 2018

Question #214: My husband and I were married in Jamaica seven years ago. We live in New York State. We purchased a home together with his name on the deed and mine is not. I want a divorce due to emotional, verbal, and you physical abuse. He threatens our marriage is not legit due to emotional out of country and because my name is not on the deed that I will not be entitled to the house and/ or any portion of it and any monies that are put into his 401K and other retirement savings. Is this true? His earnings far exceed mine by 2/3. We do not have no children together and I have a 20 year and old in college . Thank you so much for your help.

Do not listen to your husband’s threats. NY recognizes foreign marriages. If the house was purchased with funds earned during the marriage or the retirement account was acquired during the marriage, they are “Marital Property”, regardless of in whose name they are held. In addition, he should have to provide you with some form of […]

Oct 29, 2018

Question #213: My wife recently informed me she would like to separate and subsequently asked me to move out. I have been living in the house we just bought for the past 2 weeks with no heat or hot water but is in my name only. I have been renovating this house for 6 months. Now I’m living in construction. She also just told me she wants to end the marriage. I have an inheritance coming to me from my deceased mother of 10 years and my father who just passed this summer. Is any of the inheritance considered marital assets ? Can she take any of it ? Most of it is in an inheritance IRA and some in bonds and cash. I live in Nassau County NY.

If the house was purchased with funds earned during the marriage, it is “Marital Property”, regardless of in whose name the house is held. Any inheritance you receive which you keep in a separate account in your name only, is “Separate Property” not marital, and will belong to you only. Please call me at 212-370-1660 […]

Oct 29, 2018

Question #148: My question is what are marital assets? I have no issue with physical possessions and those can be divided equally. My problem is that my wife refuses to engage in sexual relations with me and I am very tired with this issue. If she no longer loves me then I can live with that. Can I divorce her on that issue in the state of new york? I live in Upstate area and would like to know. We have two children together who are 7 and 9. We both earn equal amount but seem to no longer love each other and that issue is spilling over into our relationship with our children. Thanks.

Generally, marital assets are any assets or money earned or acquired by either party during the marriage regardless of in whose name title is held except for gifts, or inheritances which are kept in separate accounts and not commingled with marital assets. If one party refuses to have sexual relations with the other party for […]

LEONARD M.WEINER, ESQ, Ph.D.

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FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY

Question #53: My husband has a piece of real estate which I have asked them to deed over to me to secure the payment of any settlement arrangement, but he has refused. What can I do?

Question #52: I do not have the financial resources to conduct discovery to find my husband’s hidden assets; how do I discover these hidden assets without extensive financial expenses?