How do I protect pre-marital money?
Pre-marital funds for marital property: In Alliger-Bograd v. Bograd, 180 A.D.3d 975, (2020) the Suffolk County Supreme Court upheld the trial court’s holding. The trial court held wife should get credits for using premarital funds. The court also made the following financial decisions.
- Give Wife Her Money Back: The wife stated that she used her own money from before the marriage to support the husband’s business. The court held that all that money must be given to her in the settlement. She gave money from her stocks, home equity and other loans.
- Wife Not Entitled to Husband’s Business: Moreover, the court did not award plaintiff any interest in the defendant’s business. The wife’s only contribution to the business was money and she was paid back. Accordingly, the wife had no right to equity in his business.
- Recent Inheritance is Relevant in Alimony: The wife had recently received inheritance. Therefore, the court ruled that her leftover inheritance money had to be subtracted from her total award.
- Child Support Standards Act (CSSA) Method When Over Cap: If you add husband and wife’s salary the total is more than the CSSA cap, the courts can choose which methods to apply. They can apply the statutory factors, statutory percentages, or both.
- CSSA Flexibility: The CSSA can also apply where the husband and wife have equal custodial time with the children. Moreover, the parent who has a higher support obligation is called the “noncustodial” parent for the purposes of support.
Maintenance Language: The settlement should have addressed death or remarriage as far maintenance. So the Supreme Court added it.
Here is a case where the wife was thorough in terms of protecting herself and it paid off. Just because the money sits in the marital residence, does not mean the wife is not entitled to receive it back if it was hers originally.
