FINANCIAL ISSUES – MARITAL PROPERTY V. SEPARATE PROPERTY – Page 35

Jun 12, 2018

Question #23: After twenty-six years of marriage, my wife and I are getting a “no-fault” divorce in the state of Massachusetts. My wife stands to inherit approximately $200,000 in cash reserves from her parents. Also, within a few years, she will be appointed as a trustee to her uncle’s trust, where she currently stands to receive a beneficial interest. Said trust is worth approximately $5,000,000. Her uncle and aunt have no children. What consideration, if any, will the courts give to these two factors, when determining the “opportunity of each for future acquisition of capital assets and income”?

Answer: As you clearly point out in your statement, these items of financial value are all potential and do not presently belong to her. No court could rightly consider a potential inheritance or trusteeship in determining present income or assets. Nevertheless, you should make every effort to provide the court with the documentation showing that […]

Jun 12, 2018

Question #22: My husband and I have been married for 16 years and have lived in the state of Minnesota for the past three years. I am planning on filing for divorce and have a question regarding his pension from the military. He retired after 19 years in the service (13 of which we were married) and he receives a monthly retirement check. Do I have any legal right to half of his pension after we are divorced? I know Minnesota is a community property state but would his pension come under this? He is 41 and will receive it for quite few more years. Thank you.

Answer: Under most state definitions of “marital assets” such assets include all assets acquired during the course of the marriage by either spouse, regardless of in whose name such asset is registered, unless such asset was acquired by inheritance, gift, or bequeath. With regard to your question about your husband’s pension, that portion of it […]

Jun 12, 2018

Question #21: Why does my wife get one half of my net income for support, when she earns two thirds of what I do ?

Answer: In order to properly answer your question I must have more information regarding your total marital finances. At first glance, your question seems legitimate and I question who informed you that such was indeed the case. Generally, spousal support will reflect the needs of the receiving party, considering the standard of living which existed […]

Jun 12, 2018

Question #20: My wife is our main source of income and has been for the past 12 years of our 17 year marriage. Now that the marriage has come to an end she feels since she does make a much larger income then I that she should keep the majority of our assets. I believe it should be an even split because everything we have has been accumulated during our joint lives. Since I am in somewhat of a role reversal I am also curious how the courts in the state of Ohio would view this situation. Also would I be out of line asking for child support or spousal support.

Answer: I am honestly not familiar with Ohio law, but in the State of New York and in most states in the U.S., both husband and wife will be treated equally regarding the granting of spousal support from the spouse who earns more during the course of the marriage. In your case, since your wife […]

Jun 12, 2018

Question #19: After a 17 year marriage all assets we own have been accumulated during those years. Do I the husband have any legal claim to a portion of my wife’s corporation?

Answer: in a Community Property State or Equitable Distribution State you would be entitled to one have of all the marital property which includes all property acquired during the course of the marriage which was not acquired by gift or inheritance, regardless of in whose name such property appears. Thus, you should have a claim […]

Jun 12, 2018

Question #18: Question about financial matters in a divorce. I have done a few contract jobs intermingled with some permanent status employee type jobs. The contract jobs paid very high figures. I have been separated for about 3 years now. Is it necessary to show tax forms to her lawyer – this may precipitate jealously and a tackling of what may be perceived as more money that could have been given to her during the separation. Please advise. Thank you .

Answer: You will more than likely be asked to provide a sworn net worth statement in which you will be required to record all of your income and will be asked to provide tax returns for the past three or so years. You should make it clear to the other side, if and when they […]

Jun 12, 2018

Question #17: 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 […]

Jun 12, 2018

Question #16: I am currently separated from my spouse and going through the divorce process. My husband is seeking $8,000 and wants me to refinance our home. In addition, my husband does not want me to make claim to his 401k. My question is do I have to refinance our home in my name and if so what is the process. Sometimes, I feel that my attorney is not working in my better interest. My spouse and I have two children, and I want to retain full custody instead of joint custody. Do I need to establish that my spouse is unfit as parental guidance? Need help!

Answer:You did not indicate which state has jurisdiction over your divorce proceeding or whether you are presently involve in litigation. From your reference to your attorney, I infer that you have hired an attorney and are in the process of litigation. I suggest that you discuss the issues with your attorney; if indeed you do […]

Jun 12, 2018

Question #15:I want to know what will be the outcome if I divorce. My husband has been the main provider of the family for the last 6 years. I only work 15 hours a week just to keep my skills up. We have a 18 month daughter and if we divorce I really wish not to return to the workforce full time so I can spend the important years with my daughter. Is my husband required to provide any alimony to me in this case? And as far as what am I entitled percentage-wise?. Is it 50% of everything? He is a partner in a business; what kind of benefits can I get from him there? As far as health insurance, his work provides that for us now .Will he still be required to do that until the divorce is final or until a certain time period? On an average, how long do divorce proceedings take? One last question. If I were to separate and live with another male, would that in any way hinder my benefits?

Answer:You did not indicate what State you are in and therefore I cannot tell you with any certitude what the precise answer would be in your case. In a jurisdiction like New York, where there is Equitable Distribution, the courts will generally provide the non working spouse with an opportunity to improve his her skills […]

Jun 12, 2018

Question #14: If I put my husband’s name on the title to a house that was mine prior to our marriage is he entitled to 1/2 or more if I am at fault for the divorce?

Answer: The good news is that the vast majority of States do not consider fault when distributing marital assets. The bad news is that if you put your husband’s name on the title to the house, the court may consider it a gift of one half of the home to him, in which case he […]

LEONARD M.WEINER, ESQ, Ph.D.

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FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY

Question #21: Why does my wife get one half of my net income for support, when she earns two thirds of what I do ?

Question #19: After a 17 year marriage all assets we own have been accumulated during those years. Do I the husband have any legal claim to a portion of my wife’s corporation?

Question #14: If I put my husband’s name on the title to a house that was mine prior to our marriage is he entitled to 1/2 or more if I am at fault for the divorce?