The Valuation of Human Capital in New York State Courts
Courts are often asked to adjudicate disputes that are economic in nature or have economic components. Attorneys and judges frequently lack formal training in economics and must rely on their intuition to guide their decisions. This shortcoming can lead to poorly reasoned decisions that have inequitable financial consequences. This paper explores the difficulties that the New York State courts have encountered in the valuation of human capital in the form of academic and professional degrees and licenses. This became an important consideration after the 1985 New York Court of Appeals decision in O'Brien v. O'Brien (66 NY2d 576), where the court ruled that human capital acquired during marriage is an asset subject to equitable distribution upon dissolution of the marriage. Prior to this decision, the distribution of marital wealth in divorce was confined to tangible assets. O'Brien opened the door to valuation of intangible human capital, which dramatically increased marital wealth. This ruling has had a profound impact in New York State since it affects all those who obtain education or training during a marriage that ultimately ends in divorce.
Volume (Year): 36 (2005)
Issue (Month): 1 ()
|Contact details of provider:|| Web page: http://nysea.bizland.com/|
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jacob A. Mincer, 1974. "Introduction to "Schooling, Experience, and Earnings"," NBER Chapters, in: Schooling, Experience, and Earnings, pages 1-4 National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:nye:nyervw:v:36:y:2005:i:1:p:3-12. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eryk Wdowiak)
If references are entirely missing, you can add them using this form.