- 8 -
property. See N.Y. Dom. Rel. Law sec. 50 (McKinney 1988); N.Y.
Gen. Oblig. Law sec. 3-301(1) (McKinney 1989).4
In the instant cases, the parties have stipulated that Mr.
Locke purchased the partnership interests in his name, and that
the partnerships issued all Schedules K-1 solely in Mr. Locke's
name. We conclude that Mrs. Locke had neither a joint interest
in Mr. Locke's partnership investments, nor a separate interest
in the partnerships.
Analysis Under TEFRA
The parties agree that as of the date Mr. Locke filed a
voluntary petition in bankruptcy, all partnership items
attributable to him were converted to nonpartnership items by
conjunctive operation of the bankruptcy rule and section 6231(b)
and (c). As a result of that conversion, this Court in these
4
N.Y. Dom. Rel. Law sec. 50 (McKinney 1988), provides
that: "Property, real or personal, * * * owned by a married
woman * * * shall continue to be her sole and separate property
as if she were unmarried". N.Y. Gen. Oblig. Law sec. 3-301(1)
(McKinney 1989), provides that: "A married woman has all the
rights in respect to property, real or personal, and the
acquisition, use, enjoyment and disposition thereof * * * as if
she were unmarried." These provisions were enacted to abrogate
the common-law rule entitling the husband to all rents and
profits from his wife's real property and absolute rights in his
wife's personal property. See Practice Commentaries to N.Y. Dom.
Rel. Law sec. 50 (McKinney 1988). When construed in conjunction
with the equitable distribution statute, these provisions confirm
that property acquired by either spouse during marriage is
separate property unless otherwise determined in a proceeding for
equitable distribution under N.Y. Dom. Rel. Law sec. 236(B)(5)
(McKinney 1986). Practice Commentaries to N.Y. Dom. Rel. Law
sec. 50, supra.
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