The amount that the husband was entitled to receive as severance pay for employment during the marriage was marital property even though no payments were made prior to the cutoff date for identifying marital property.
De Jesus v. De Jesus, ___ Misc. 2d ___, 620 N.Y.S.2d 704 (Sup. Ct. 1994). Stock options received by the husband were wholly marital even though he could not exercise them before the commencement of the divorce action; the wife would be awarded the right to exercise one-half of the options as they matured.
De Jesus v. De Jesus, ___ Misc. 2d ___, 620 N.Y.S.2d 704 (Sup. Ct. 1994). Stock options received by the husband were wholly marital even though he could not exercise them before the commencement of the divorce action; the wife would be awarded the right to exercise one-half of the options as they matured.
DeJesus v. DeJesus, 90 N.Y.2d 643, 665 N.Y.S.2d 36 (1997).
When classifying stock plan benefits which were conferred during the marriage but are contingent on continued employment after the marriage, the court should consider whether the benefits represent consideration for past services or an incentive for future services, and then should determine the marital portion of each component by applying time rules.
Olivo v. Olivo, 624 N.E. 2 d 151 (N.Y. 1993). Severance pay is separate property.
Nielson V. Nielson, 681 N.Y.S. 2d 502 (N.Y. Div. 1998). Although paid after the divorce, the percent of severance pay earned prior to divorce is marital property.
To learn more about employee benefits in divorce, consult our explanation here.
