People are often surprised to learn that a professional career can be characterized as separate property for purposes of a divorce settlement in New York. Even more surprising, perhaps, is that a spouse who can prove their contributions over the duration of the marriage, may be entitled to the appreciated value of the spouse’s earnings and future earning potential. This may include contributions for the education required for a professional license or to secure a career position.The Increased Value of a Career is Subject to Characterization as Marital Property
These are just some of the intangible financial issues that couples of high net worth often confront when negotiating an equitable distribution of marital property in a divorce. If you are concerned about protecting your financial future after your divorce, make sure your lawyer understands career valuation and how to fight aggressively to protect your interests. For more than 25 years, successful people with significant financial assets and comfortable lifestyles have been turning to me, Jonathan D. Katz, Attorney at Law, in New Paltz, New York.
I have extensive experience handling career valuations matters and other complex divorce property issues, including:
- Fair value and appreciated value of an education and career
- Future earning potential and tax considerations
- Marital debts arising from pursuing education and professional license
- Commingled assets and transmutation of separate property
- Long term alimony, spousal support issues
The lifelong value of a career goes far beyond the income reported on a person’s annual tax returns. The total earnings during a career will affect the amount saved in retirement plans, including 401(k) plans, IRAs, pensions and profit sharing plans. All or much of the appreciated and future dollar value may be subject to equitable distribution as marital property.
Contact me to discuss your concerns about career valuation and protecting your property and financial interests in your forthcoming divorce. My firm is recognized for the capacity to find creative, fair solutions that protect my clients’ interests throughout the divorce property settlement.