Long Island’s Best Divorce Lawyer said this was the appeal of a determination of the Supreme Court, which awarded Plaintiff Wife (hereafter the Wife) outstanding maintenance arrears in the sum of $66,000. The Appellant Husband (hereafter the Husband) brought this appeal citing to provisions of a 2006 Stipulation of a settlement, which addressed the issue of maintenance payments.
The 2006 stipulation of settlement provided for spousal maintenance “until the occurrence of the earliest of four specified events, one of which was the [Husband’s] ‘retirement’”. It also provided for a distribution of marital assets. One such asset was the Husband’s retirement plan and 401(k) savings plan through his employment at JP Morgan Chase, of which the Wife was entitled to a certain percentage. In 2009, the Husband was terminated from his employ with JP Morgan Chase and chose to defer his portion of the retirement benefits. The Husband also stopped paying his spousal maintenance obligation.
A Nassau County Divorce Lawyer said the Wife brought an action in 2011 against the Husband seeking an award in the sum of $66,000, which represented the Husband’s spousal maintenance obligation. The Husband contended his termination amounted to “retirement” under the terms of the stipulation and therefore was no longer obligated to make maintenance payments. The lower court’s decision was in favor of the Wife and the Husband moved for leave to renew, which was granted. The Husband argued that because the Wife was entitled to her equitable distribution portion of the retirement benefits that it constituted “retirement” under the stipulation. The Appellate Division did not agree and affirmed the decision of the Supreme Court.
A stipulation of settlement “is a contract subject to the principles of contract construction and interpretation.” The experienced attorneys at Simonetti & Associates have drafted numerous stipulations for their clients. Seek out their advice today. We serve all of your needs for Divorce in Nassau County and Divorce in Suffolk County. So if you are looking for help from the firm voted Best Divorce Lawyer on Long Island, give us a call.