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Interest on Distributive Awards
Interest on distributive awards is an important ' and at times overlooked ' aspect of matrimonial practice. When a matrimonial action becomes protracted, an award of prejudgment interest, measured from the date of commencement of the action, may be substantial, especially if the award is at the statutory rate of 9%. Similarly, when a court directs a distributive award to be paid out over a period of years, then an award of post-judgment interest on the unpaid balance will substantially increase the ultimate amount paid out over time. Therefore, an understanding of the various statutes and case law applicable to the concept of interest on distributive awards is crucial for family law practitioners.
Prejudgment Interest
Each state handles the issue of prejudgment interest in its own way. In New York, the statutory provision applicable to awards of prejudgment interest is Civil Practice Law and Rules (CPLR) ' 5001. CPLR ' 5001(a) provides as follows:
Actions in which recoverable. Interest shall be recovered upon a sum awarded because of a breach of performance of a contract, or because of an act or omission depriving or otherwise interfering with title, or possession or enjoyment of, property, except that in an action of an equitable nature, interest and the rate and date from which it shall be computed shall be in the court's discretion.
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