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Valuation of Marital Property: A New Twist
Justice Anthony J. Falanga of the Supreme Court, Nassau County has added another twist to the case law fixing dates for the valuation of marital property when a previous action for divorce is abandoned. The case, Tuccillo v. Tuccillo, 2003 NY Slip Op 51151U, 2003 N.Y. Misc. LEXIS 999, (Sup. Ct., Nassau Cty., 8/4/03) (Falanga, J.), involves a wife's motion for omnibus pendente lite relief and the husband's cross motion for an order determining the appropriate valuation date of the marital property to be Dec. 28, 1999 (the date the first divorce application was made) for purposes of equitable distribution. The husband also moved for a determination that the date of termination of the acquisition of marital property be Dec. 28, 1999. At the hearing's conclusion, the court, finding that the husband had overreached in convincing his wife to sign a settlement agreement unfavorable to her, refused to apply the general rule in the Second Department that sets the date for valuation of marital assets at the commencement of the first action if the parties fail to reconcile in the interim.
The Tucillos were married Nov. 21, 1986. They have four children between the ages of 11 and 16. The wife, a high-school graduate, had at her husband's request been unemployed for 19 years, serving as homemaker and primary caregiver to the children. This, she averred, freed her husband to pursue his business ventures, which at the time of this action included his sole ownership of the following businesses: Anchor Foods, Anchor Fish of Westbury and Anchor Fish Distributors, Ltd., businesses he acquired in 1981; Diversified Processors Inc., acquired in 1995-1996; 32 Urban Corporation acquired in 1991; Prince of the Sea, Ltd., acquired in 1989; Internet Seaford, acquired in 1995; and Myfour Realty Inc., acquired in 1997.
On Aug. 12, 1999, the parties entered into a stipulation of settlement waiving all claims to equitable distribution of marital assets. The wife commenced an action for divorce on Dec. 28, 1999. An uncontested judgment of divorce, premised on the stipulation signed in August 1999, was entered Sept. 9, 2000.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.