Historically, has New York law treated an academic degree or professional license acquired during a marriage as tangible marital property subject to direct valuation. However, the rules changed completely in 2016. Now, state courts take a different approach.
How is a professional degree factored during equitable distribution?
Unlike a car or a home, an academic degree cannot be divided. Nevertheless, it can still be subject to equitable distribution. For instance, if one spouse worked hard, paid the bills or took care of the home so the other spouse could go to school and earn a degree, the court may consider that sacrifice. Because that degree now helps the educated spouse earn more money, the court might even adjust the division of the remaining marital property to ensure a fair outcome for both parties.
How does it impact spousal support?
While an academic degree by itself doesn’t impact the spousal support, the court may consider the higher incomes earned consequently after getting the degree. To arrive at a figure, the court may make use of a guidance calculator that includes factors such as the incomes of both spouses and the length of marriage.
Nevertheless, the court may deviate from this standard calculation practice based on the legal arguments put forward by both parties. For example, a deviation is often granted if the calculated amount fails to fairly compensate a spouse who made substantial non-monetary sacrifices.
Why a legal guide may help
For individuals who spent time helping a spouse earn an expensive academic degree or for those seeking to safeguard their own hard-earned credentials from a spouse, a legal counselor can provide vital assistance. An experienced divorce attorney can thoroughly evaluate the current financial situation of both parties, gather critical financial records and build a compelling case for an adjusted property split.