Considering the Value of Licenses, Degrees and Enhanced Earning Capacity in Divorce Settlements
When people think of marital assets in connection with equitable distribution of property in divorce, the following typically come to mind:
- Real estate
- Bank accounts
- Cars and other vehicles
- Recreational goods such as boats or snowmobiles
- Jewelry
- Antiques
- Household goods including furniture
- Musical instruments
- Business ownership
Indeed, all property such as these tangible items must be disclosed in preparation for a divorce. No assets should be hidden during the discovery process of a divorce. Colwell, Colwell & Petroccione is here to help you with the complicated issues surrounding the division of marital property.
To the surprise of many, a professional degree (M.D., J.D., D.D.S., MBA) or license that was earned during the marriage may be considered an asset of the marital estate. The value of the incremental income that the individual will earn from the license or degree during his or her expected work life should be considered during the "discovery" phase of a New York divorce.
Request the assistance of an experienced family law attorney to ensure that your rights and future well-being are protected as you head toward divorce in New York. Our lawyers are ready to employ the most appropriate experts such as forensic accountants and vocational experts to determine the value of your or your spouse's professional degree or license.
For a free consultation with an attorney, call 866-377-0285 or contact us online.
A Professional Degree or License May Be Marital Property
You don't risk anything by giving our Albany law offices a call to discuss your contested or uncontested New York divorce with an experienced lawyer. All clients receive a free initial consultation. To schedule yours, call 866-377-0285 or just contact the office online.
