The New York State Court of Appeals recently ruled that rental apartments, including rent-controlled apartments, are neither marital nor separate property. A June 21, 2012 New York Law Journal article discusses what this means for couples seeking divorce. The ruling specifies that the rental apartment must be one that will not be changed into an ownership apartment, such as a co-op.
Part of the judgeâ€™s decision said that signing a lease does not deem a rental property a property owned by either party of the divorce.Â In a divorce, the judge helps to divide marital assets equitably between the two parties. That means that the judge must determine what is a marital asset. Generally the term refers to things acquired during the marriage and not before.
In this case, the husband tried to evict his wife from the apartment claiming that it was not a marital asset. The court sent the case to the stateâ€™s highest court to decide the fate of the coupleâ€™s apartment.
If you are considering divorce, call the law offices of Jayson Lutzky, P.C. at (800) 660-5299 or visit us online: www.MyNewYorkCityLawyer.com. We have over 29 years of experience in family and divorce law and have a proven record of thousands of satisfied clients.