Legal Question in Family Law in New York
''S'' Corporation/Community Property
my spouse purchased a summer cottage with funds from spouse's ''s'' Corporation spouse owns (15 years), or took a loan from the corporation for the purchase of the cottage, in spouses name only, while we were married (20 years)Spouse incorporated new purchase(cottage) with spouse as president and in spouse's name only! Is this community property? is spouse entitled to 457K plan of mine? are both corporations community property?
2 Answers from Attorneys
Re: ''S'' Corporation/Community Property
Based on the facts that you have stated it would appear that the cottage is marital property which is subject to being "equitably" distributed between the spouses. We do not have the community property system in New York but instead we have a system where most property that is acquired during a marriage is termed marital property which should be equitably divided in the event of a divorce. Jeremy Morley [email protected] 212-684-2210
Re: ''S'' Corporation/Community Property
NY is an Equitable Distribution state and does not follow the Community Property laws of other states.
You need a lawyer to advise you and get you through this.
Suggest you consult with an experienced matrimonial attorney.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
