Rizzo v. Rizzo

A review of the agreements case Rizzo v. Rizzo that went through the New York Supreme Court, Appellate Division, Second Department on Sept. 24, 2014.

By Diana Shepherd, CDFA®Updated: June 09, 2020

Rizzo v. Rizzo: If an accident renders a husband unable to work, equity dictates he shall get most of the annuity—considered marital property.

By Laura Morgan, Family Lawyer Magazine

Annuity at issue in divorce proceeding, which was purchased pursuant to terms of settlement agreement in civil action commenced jointly by parties, constituted marital property subject to equitable distribution; following an on-the-job accident that rendered husband unable to work, parties together commenced an action to recover damages for husband’s personal injuries and for loss of consortium to wife, both parties were named plaintiffs in action, and settlement agreement that was reached by parties expressly provided that it was for full settlement, release, and discharge of all claims in complaint, including loss of consortium, settlement provided for a lump-sum payment in a certain amount and periodic monthly payments of $3,235 guaranteed for 30 years, then continuing for the life of either or both of the parties, settlement agreement was silent as to allocation of funds awarded for husband’s personal injury cause of action and wife’s cause of action for loss of consortium, and annuity named husband and wife as joint payees with rights of survivorship.

HOWEVER, husband was entitled to 90% of each monthly annuity payment while wife was entitled to 10% of each monthly annuity payment; although annuity was subject to equitable distribution, equity dictated that husband should receive most of annuity, as he was permanently disabled and unable to earn income at present or in the future, whereas wife was employed and had future income earning capacity.

http://www.nycourts.gov/reporter/3dseries/2014/2014_06304.htm

Laura W. Morgan is the owner and operator at Family Law Consulting in Charlottesville, Virginia.Laura is available for consultation, brief writing and research on family law issues throughout the country. She can be reached through her website. www.famlawconsult.com

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Published on: October 29, 2014

About the Author

Diana Shepherd, CDFA®

Diana Shepherd has over 30 years of experience as a marketing, branding, SEO, copywriting, editing, and publishing expert. As Content Director for Family Lawyer Magazine, Divorce Magazine, and Divorce Marketing Group, she oversees all corporate content development and frequently creates SEO-friendly videos, podcasts, and copy for family law and financial firms. The Co-Founder of Divorce Magazine and Divorce Marketing Group, Diana is an award-winning editor, published author, and a nationally recognized expert on divorce, remarriage, finance, and stepfamily issues. She has written hundreds of articles geared towards both family law professionals and divorcing people, and she has both performed and taught on-page SEO for 20+ years. Diana spent eight years as the Marketing Director for the Institute for Divorce Financial Analysts® (IDFA®), and she has been a Certified Divorce Financial Analyst® since 2006. While at IDFA, she wrote, designed, and published The IDFA Marketing Guide, and she also created seminars for CDFA professionals to present to family lawyers (approved for CLE), as well as to separated and divorcing individuals. She has represented both DMG and IDFA at industry conferences and events across North America, and she has given marketing as well as divorce financial seminars at many of those conferences.

Rizzo v. Rizzo

A review of the agreements case Rizzo v. Rizzo that went through the New York Supreme Court, Appellate Division, Second Department on Sept. 24, 2014.

About the Author

Diana Shepherd, CDFA®

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