Angel v. Angel: Certificate of Deposit (CD) could not be made a base for making reasonable-needs analysis and determining spousal maintenance award.
ByLaura Morgan, Family Law Consultant
Investment account with a balance of $40,000, which was awarded to the wife as part of equitable distribution in divorce, was a cash or cash-like fund such that interest income from it could properly be imputed to wife for purposes of making reasonable-needs analysis and determining her spousal maintenance award. However, Certificate of Deposit (CD) with a balance of $86,000, which was awarded to wife as part of equitable distribution in divorce, could not be considered a cash or cash-like fund from which interest income could properly be imputed to wife for purposes of making reasonable-needs analysis and determining her spousal maintenance award, as no evidence was offered concerning the CD’s terms or maturation date, and no evidence was offered as to whether interest could be withdrawn or if there was a penalty for early withdrawal.
Reprint with permission.
Laura Morgan is a Family Law Consultant. Laura is available for consultation, brief writing and research on family law issues throughout the country. She can be reached through her Web site.
Published on:
