Family Law: Can Professional Degrees Be Considered Marital Assets?

Professional Degrees as Marital Assets

Family Divorce & Mediation

Amanda A. Aubry

Kaplan University

Aubry & Associates: Divorce Mediators | Memo |

To: | Professor John Berube |

From: | Amanda Aubry |

CC: | Professor, David, Angela |

Date: | December 6, 2011 |

Re: | Degrees as Marital Assets |

Aubry & Associates: Divorce Mediators | Memo |

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Aubry & Associates: Divorce Mediators | Memo |

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Marital Property

“During the course of a marriage all property acquired by either spouse is considered property of the marriage or marital property” Judith R. Seligman, Dennis R. Durbow, Norman M. Dolin, Doris M. Ganga, Family Law and Practice § 37.01 (Matthew Bender & Company, Inc. 2011). New York courts are able to determine their authority over the property based on the classification. If the property is considered marital property than the court has authority over it. If the court is deemed to have authority it must equitably divide the property

Dividing Property in a New York Divorce

In the state of New York, all assets and debts acquired during a marriage are referred to as marital property. “This marital property will be divided equitably to meet the standards of the court” Craig A. Miller, Valuation of Degrees and Licenses for Equitable Distribution 50-61 (Miller & Miller Consulting Actuaries, Inc.)(1990). Dividing marital assets equitably does not mean that everything will be divided equally between the spouses. An equitable standard means the property will be divided in a way that is fair for both spouses.

Anything owned by a couple or anything that generates income is considered by law to fall into the category of property. A couples vehicles, furniture, bank accounts, and retirement plan are considered property. Recently courts have been asked to determine if a chosen profession particularly the degree earned for this profession could be considered marital property.

The laws in...