Divorce Lawyers New York - Recent Family Law Decisons (7)
Recent Family Law Decisons (7)
Tax Consequences
A trial court, when valuing an asset, is not required to deduct from that value the amount of taxes which were paid on it; rather, it is to consider the tax consequences of the property division.
Trial court’s apparent failure to consider the tax consequences of the transfer of property was contrary to this section and therefore error.
Testimony
Testimony concerning the valuation of assets in an action for dissolution of marriage are matters to be resolved by the trier of fact, and as long as the court’s valuation is within the range testified to by the expert witnesses, it ordinarily will not be disturbed on appeal.
Time and Specificity
The trial court should value the marital property of the parties as of the date of the judgment of dissolution of marriage; however, the court is not required to place a specific value on each item of property, but rather, only competent evidence of the value supported by evidence of that valuation is required for a property division.
Total Offset Method
Under the total offset method, the trial court must determine the actual value of the pension according to actuarial evidence, discounting an amount in light of the risk that the pension will not vest discounting also to present value, and then determining the marital portion of that amount; usually expert testimony will be required.
Home Furnishings
Where furniture was divided sensibly so that each party had an adequately furnished residence, a monetary evaluation was not essential to an appropriate division, and the decision of the trial court was clearly within its discretion.
Increase During Marriage
A business property interest owned by one spouse prior to the parties’ marriage is non-marital property and retains its non-marital classification despite even a significant increase in its value during the marriage.
