Justice W. Kelly, sitting in the Supreme Court in Rockland County recently rendered a decision in a contested matrimonial action. In this lawsuit he determined the valuation of the husband’s dental practice. He also valued other separate property and marital property. The assets in question were the marital residence and its contents, and husband’s commercial real estate as well as his dental practice in Rockland County. There was also an issue concerning the appreciation of a dental practice the husband maintained in the City of New York. The couple also had bank accounts, bonds, investments and various retirement accounts. On the other side of the ledger were credit card debts.
During the course of the trial the husband claimed that he was entitled to a credit of approximately $324,000. This represented a gift from his father that he used to purchase the parties’ home. The parties’ home in Rockland County was appraised at the time of the divorce at approximately $915,000.
The wife claimed that the gift from the husband’s father had been trans-mutated into marital property because it had been commingled. Justice Kelly determined that plaintiff was entitled to a credit for the separate property used to purchase the home, to wit: the $324,000 given to him by his father, even though there was a commingling of the separate property with marital assets. He stated that the balance of the proceeds from the sale of the marital residence should be distributed equally. He awarded the wife a 35% interest in the equity in her husband’s real estate. This took into consideration her participation in his dental practice.
High Asset Divorces
Our law firm has been representing doctors, lawyers and individuals who own small businesses in divorces for three decades. High asset divorces require the skill, patience and knowledge of very experienced matrimonial attorneys. Our office maintains an accountant on our staff to assist us in the valuation of sophisticated assets. If you have issues involving equitable distribution of assets, division of property, valuation of professional practices and licenses in divorce proceedings, the eighty (80) years of combined expertise in our law firm has in handling divorces would be invaluable to you. Call us for a free consultation at 1-800-344-6431; 516-561-6645 or 718-350-2802.