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Husband’s Dissipation of His Separate Property Was a Factor in Increasing Wife’s Maintenance and Equitable Distribution

The Third Department increased the wife’s maintenance and equitable distribution awards based in part upon finding the husband had wasted and dissipated assets that were concededly entirely his separate property.  He had purchased an apartment house in New York City prior to the marriage for $130,000 and sold it during the marriage for $6 million.  The Court determined the husband had grossly mismanaged the proceeds of the sale:

Imputing to the husband the substantial income that he would have earned had he not been so cavalier and wasteful in the manner in which he blatantly risked virtually all of his capital …, and affording the wife more time to prepare for and find suitable employment, we extend the wife’s maintenance award of $2,000 per month  for nine months  to a period of 24 months, for a total of $48,000.  We further modify the award of equitable distribution – taking into account the parties’ assets at the commencement of the action and the husband’s economic fault – to award the wife 50%, rather than 40%, of the appreciation in the value of the marital residence.  Owens v Owens, 514022, 3rd Dept, 6-13-13

 

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