One judge heard a case in New York Supreme Court about equitable distribution between a divorcing couple. The principle of equitable distribution states that in a divorce, each party gets a share, usually half, of all marital assets. These assets may be stocks, bonds, pensions, real estate, shares of a co-op, or even a family business. If the spouses contributed to the marriage, which is an economic partnership, then they are entitled to a piece of its financial value. One judge, recently ruled that the husband and wife were not entitled to equal shares of their marital residence and another house according to an April 4, 2014 New York Law Journal article.

Before getting married, the husband made a $50,000 down payment on a Florida home. The wife paid $350,000 in the form of a loan that the husband promised to repay. However, he did not. Later, but before they were married, the couple bought a home in New York. The husband signed a $475,000 promissory note that he did not repay. The court found that the husband “threatened or tricked [his wife]  into preparing and signing a forgiveness letter for [that loan].” Consequently, the judge was skeptical of both the husband and the wife’s truthfulness, but found the husband less credible. After all, the husband had tricked his wife in a major financial action.

In the end, the judge had to decide how to split the proceeds from these properties as per the laws of equitable distribution.  The wife received the majority of the money from the sale of the Florida property. The judge noted that the husband had only paid for 12.5% of it. Additionally, even though the New York residence was purchased before the couple got married; the judge considered it the marital residence and gave it entirely to the wife. It would not have even been fair if this husband got half of it after what he did to the wife and how little he actually paid.

If you are considering divorce or need help in family court, then contact the law office of Jayson Lutzky, P.C. Mr. Lutzky is an attorney with over 31 years of experience practicing law in New York State. He has represented thousands of highly satisfied clients over the years. Mr. Lutzky offers free in person legal consultations at his Bronx office. It is located one block from the 183rd Street 4 train subway stop. To set up an appointment, call 718-514-6619 or 1-800-660-5299, toll free, today. Saturday appointments are available, and the office is fully bilingual in English and Spanish. Visit www.MyNewYorkCityLawyer.com to learn more about Jayson.