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Planning, strategy may help with New York property division

New York residents may be interested in a complicated divorce case underway in another state. Reports indicated that over $10 million is up for negotiation as part of the couple's property division proceedings. Apparently, $20 million was awarded to the man due to being wrongfully incarcerated for 20 years. He had been accused of rape and murder, but DNA evidence recently exonerated him. After taxes and fees, he is set to receive $11.4 million.

While in jail, the man got married. Two years after his release, he filed for divorce. However, the woman claims that the settlement money he received should be up for division as marital property because he obtained the settlement during their marriage. However, the man argued that the money came from wrongdoings he suffered before the couple married. During the first legal battle, the court sided with the man.

However, the woman appealed the decision, and an appellate court sided with her. As a result, the money will now be considered marital property while the couple move forward with their divorce proceedings. Undoubtedly, each party will want to strategize in order to determine their best courses of action for obtaining their desired outcomes. 

When considerable amounts of money are involved in property division proceedings. protecting assets is often a goal. If New York residents are facing circumstances in which considerable wealth is involved or in which specific property is strongly desired, they may wish to determine what legal routes may potentially work in their favor. Discussing concerns and hopes with experienced attorneys may help interested parties plan ahead.

Source: Chicago Tribune, "$20 million wrongful conviction settlement headed for divorce court", Luke Hammill, Jan. 27, 2017

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