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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.
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