Marital Property Concerns
Only property that’s part of the marital estate is subject to division between the spouses in a New York divorce. At first glance, the question whether a particular asset or debt is part of the marital estate seems simple: If it was acquired or contracted during the marriage, it’s usually marital property or a marital debt.
To learn how an understanding of the exceptions and complications of marital property characterization can benefit you, contact Jonathan D. Katz, Attorney at Law. From my office in New Paltz, I serve clients throughout the Hudson Valley and the Catskill region, including Ulster, Dutchess, Orange, Greene and Columbia counties.Resolving Marital Property Characterization Issues
Characterization issues refer to any uncertainty as to whether an asset should be regarded as marital property or separate property. Under certain circumstances, one spouse or the other will find it advantageous to argue that a particular asset is separate property and should not be subject to division.
As an experienced lawyer, I can advise you about the legal principles and problems of proof that surround the equitable distribution of assets that often raise characterization issues, including:
- Property held separately prior to marriage that has increased in value
- Property mentioned in a prenuptial or postnuptial agreement
- Real estate owned by one spouse or the other before marriage
- A gift or inheritance of beneficial interest in a trust
- A personal injury damage award, disability pensions
- Assets commingled during a period of cohabitation before marriage
- Marital contributions and distribution of retirement plans, IRA, 401(k), pensions and profit sharing plans
- Marital debts paid and repayment of one spouse’s premarital obligations
What is the Majauskas Formula? According to the New York State Comptroller’s official Web site, the Majauskas formula applies to property settlements relating to retirement benefits. In short, the formula provides the non-contributing spouse (alternate payee) one-half of that part of the retirement benefit, which was earned during the course of the marriage.
My familiarity with approaches to marital property characterization problems can improve your bargaining leverage in settlement negotiations or at a court hearing on property division issues.Jonathan Katz can Help You Resolve Marital-Separate Property Characterization Issues
Whether you were in a marriage of long duration or relatively short, if you have significant assets to protect, the lawyer you hire can make an important difference in your final property settlement. For more information about my firm and my experience can protect your rights in divorce, contact the law office of Jonathan D. Katz, Attorney at Law.