Divorce Lawyers New York - Recent Family Law Decisons (1)
Recent Family Law Decisons (1)
Unequal Distribution of Property In General
The analysis of subsection (c) of this section can be used to determine value of contributions for purposes of subsection (d) of this section.
For a trial court to apportion marital assets, the proper value of such assets must be established.
Distribution of Assets on Date of Dissolution
It is well established in Illinois that assets are to be valued at the time of the dissolution of marriage.
The date of valuing marital assets is the date the judgment of dissolution was entered, unless the cause is a remanded case, and the reviewing court has directed otherwise.
The value of the marital property should be based upon the value as of the date of dissolution and not at time of physical separation, and properties acquired before and after separation should not be considered differently.
The proper valuation date for marital property was date on which court entered both its judgment dissolving the marriage and settling the matters of custody, child support, and maintenance and property division.
The date of valuing marital assets is the date the judgment of dissolution was entered.
Proper valuation date for corporation owned by husband was date of dissolution of marriage; to hold otherwise would have the effect of treating appreciation of the corporation subsequent to the dissolution as marital property contrary to subdivision (c)(3) of this section.
Difficulties Regarding Pension
Placing a present value on a pension or on a profit sharing interest may be difficult, particularly if they have not matured; however, difficulties in valuation are not an insurmountable barrier to including a pension or profit sharing interest, whether matured, vested or non-vested, as marital property.
Error in Valuing
Trial judge abused his discretion in valuing husband’s medical practice nine months prior to the date of dissolution, failing to consider any evidence offered valuing the corporate assets of accounts receivable and unbilled but completed services, and failing to consider any evidence offered valuing the corporate assets of accounts receivable and unbilled but completed services, and failing to consider any evidence offered toward the vale of the corporation’s goodwill.
