Bill Text: NY S02973 | 2009-2010 | General Assembly | Introduced

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Bill Title: rovides that in making an equitable distribution of marital property, the court shall include the value of any such property transferred or encumbered in contemplation of a matrimonial action without fair consideration; such transfer or encumbrance shall be presumed to be without fair consideration if made within 2 years of the commencement of a matrimonial action.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO JUDICIARY [S02973 Detail]

Download: New_York-2009-S02973-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2973
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                     March 9, 2009
                                      ___________
       Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
         printed to be committed to the Committee on Judiciary
       AN ACT to amend the domestic relations law, in  relation  to  the  defi-
         nition of marital property
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Paragraph c of subdivision 1 of part B of  section  236  of
    2  the  domestic  relations  law,  as amended by chapter 281 of the laws of
    3  1980, is amended to read as follows:
    4    c. The  term  "marital  property"  [shall  mean]  MEANS  all  property
    5  acquired  by  either  or both spouses during the marriage and before the
    6  execution of a separation agreement or the commencement of a matrimonial
    7  action,  regardless of the form in which title is held, except as other-
    8  wise provided in AN agreement pursuant  to  subdivision  three  of  this
    9  part.   IN MAKING AN EQUITABLE DISTRIBUTION OF THE MARITAL PROPERTY, THE
   10  COURT SHALL INCLUDE THE VALUE OF ANY  MARITAL  PROPERTY  TRANSFERRED  OR
   11  ENCUMBERED IN CONTEMPLATION OF A MATRIMONIAL ACTION WITHOUT FAIR CONSID-
   12  ERATION. ANY TRANSFER OR ENCUMBRANCE OF MARITAL PROPERTY MADE WITHIN TWO
   13  YEARS  OF  THE COMMENCEMENT OF A MATRIMONIAL ACTION SHALL BE PRESUMED TO
   14  BE A TRANSFER OR ENCUMBRANCE IN CONTEMPLATION OF  A  MATRIMONIAL  ACTION
   15  AND  SHALL  BE  PRESUMED  TO  BE  WITHOUT FAIR CONSIDERATION, UNLESS THE
   16  TRANSFEROR SHOWS THAT THE TRANSFER OR  ENCUMBRANCE  WAS  MADE  FOR  FAIR
   17  CONSIDERATION.  Marital  property shall not include separate property as
   18  hereinafter defined.
   19    S 2. This act shall take effect immediately and  shall  apply  to  all
   20  actions and proceedings commenced on or after such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01547-02-9