Legal Question in Family Law in New York
Questions about my business
I have been married about 5 years. I started a business 10 years ago. During our marriage I supported my wife and helped pay her school loans. She now has a great job and makes as much money as I do.
We have 2 individual bank accounts - one in her name and one in mine - both accounts have a significant amount of money and I have been the sole contributor to both accounts.
We have no children and no other assets (we rent).
For many years we have had no intimacy at all.
I recently moved out and have tried thoughout the years to make our marriage work. I have gone to marriage counslers with her and have sought individual counceling at the behest of my wife.
She is convinced the failure of this marriage is my fault and with continued counceling and proper medication the marriage can work.
- Is she entitled to any part of my business (I have several partners)?
- Can I recover the monies from the account that I built in her name?
- What is the quickest avenue to finalizing divorce?
4 Answers from Attorneys
Re: Questions about my business
Under New York law, who is at fault plays no part in how property is divided during a divorce. Under the conditions you outline it is possible that your wife could make a claim to some portion of your business - but to be certain requires a more in depth examination of the facts than is possible from the information you provided.
If you'd like to work through the problem, please feel free to get in touch.
Re: Questions about my business
We would all be happy to find a magic pill to save a marriage. I don't think such medication has yet been invented. To answer your questions regarding your future possible divorce; in NY, there is equitable distribution concerning division of property, i.e marital vs. non-marital property. Usually, property acquired by the couple during the marriage is subject to distribution, which is determined by each spouse's contribution. In your case, yes, you wife may be entitled to
your business assets, however, you may be entitled to a portion of her salary since you had put her through school. The money in the accounts belong to each individual, but again, may still be subject to distribution. The quickest avenue to finalizing divorce
is by working out all the terms with your spouse and filing for "no-fault" uncontested divorce. Feel free to call my office and/or e-mail me if you wish to discuss your case further.
Re: Questions about my business
Property in New York is distributed without regard to title or the name in which it is held. YAs described in your question, your business interests and her bank accounts are marital assets.
Please feel free to contact me to discuss your matter in more detail.
Daniel Clement
Re: Questions about my business
Your business as well as all other marital assets are considered in N.Y. 's equitable distribution laws. Fault is not a factor, I would recommend you retain a competent divorce attorney, who believes in compromise rather than time consuming and costly litigation.If your wife does the same the road will be much smoother and less costly.
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