Wife Receives Option of Retaining Exclusive Occupancy of Marital Residence
A Long Island Divorce Lawyer said this appeal stemmed from a judgment of the Supreme Court, Nassau County which ordered the immediate sale of the marital residence, awarded Plaintiff-Husband a distributive award of $36,227.50, and awarded the Plaintiff one half of the appreciation in value of the Defendant-Wife’s separate property located on Sound Beach Avenue in Bayville.
The Bayville property was purchased by Defendant prior to her marriage with Plaintiff. The Appellate Division determined that despite this fact, Plaintiff made sufficient contributions to the property during the marriage and the Supreme Court was correct in its determination that Plaintiff was entitled to share equally in the appreciation in the value of the property during the Parties’ marriage. However, a New York Divorce Lawyer said the Appellate Division ruled that the Supreme Court carelessly exercised its discretion in ordering the immediate sale of the marital residence. The Court should have instead first offered the Defendant the option of retaining exclusive occupancy of the marital residence by purchasing the Plaintiff’s interest.
A New York Divorce Lawyer said the Appellate Division found that the financial circumstances surrounding the parties did not dictate the immediate sale of the marital residence because the parties would obtain substantial income from the sale of other marital assets. However, the relationship between the parties had deteriorated to the point that the property should not be jointly owned for an extended period of time. Therefore, the Appellate Division ruled that (1) if the Defendant exercises the option she must, within 6 months after service upon her of a copy of the decision and order with notice of entry, pay off the remaining balance of the mortgage of that property and, upon receipt of satisfaction of the mortgage, the Plaintiff must convey by deed to the Defendant, his interest in the property. The Supreme Court would then recalculate the equitable distribution award; or (2) if the Defendant does not exercise the option, the marital residence is to be sold by the appointed receiver.
The categorization of assets as marital and non-marital is a necessary part of equitable distribution during a divorce proceeding. It is important to know your rights as to the process of equitable distribution. If you are contemplating divorce sit down with an experienced Divorce Lawyer at Simonetti & Associates to discuss your options.
