Financial Issues When Divorcing

//Financial Issues When Divorcing

MAN DOES NOT WANT TO PAY ATTORNEY FEES

Husband engaged an attorney to assist him in the divorce.   They executed a written engagement agreement providing for a $ 2500 retainer.   This could be exceeded only by executing a further writing. A divorce was entered.  The attorney who assisted husband filed a petition to set final attorney fees and costs against husband.  The petition [...]

By | March 19th, 2019|Financial Issues When Divorcing|0 Comments

WHAT EXACTLY IS A SUBSTANTIAL CHANGE OF CIRCUMSTANCES?

The Trial Court denied husband's petition to modify his child support obligation. The Court found nothing to indicate that husband's child support obligation was based on the parties' mutual understanding.  Husband said they had agreed that wife would remain unemployed so long as husband was paying child support. The court interpreted this as follows.  The [...]

By | March 19th, 2019|Child Support, Financial Issues When Divorcing|0 Comments

BE CAREFUL WITH THE DRAFTING OF PRENUPS AND BENEFICIARY DESIGNATIONS

It was a month before they were married.  Toni and Charles signed a "Premarital Agreement." They agreed that the property of each would remain separate after their marriage.  They explicitly waived any right to each other's property. Two years after they were married, wife died. Her estate and her father now seek to enforce the [...]

SHOULD I SIGN THE PRENUP OR DELAY THE WEDDING?

Wife appeals from an order upholding a pre-nuptial agreement she and husband had signed.  The agreement provided that in the case of a divorce, wife would be given $1,400 per month for six years. She would also be entitled to half of the marital property, including furniture purchased after the marriage. Marital property was defined [...]

By | March 8th, 2019|Financial Issues When Divorcing|0 Comments

WHAT IS DISSIPATION?

A party charged with dissipating marital assets is obliged to establish how those funds were spent by clear and specific evidence.   General and vague statements that the funds were spent on marital expenses or to pay bills will not suffice to avoid a finding of dissipation. A party charged with dissipating marital assets is obliged [...]

By | February 13th, 2019|Financial Issues When Divorcing, Property Division|0 Comments

HE OWES MONEY BACK TO THE MARITAL ESTATE

Wife contends the trial court failed to reimburse the marital estate.  For marital funds contributed to husband's nonmarital residence. The Appellate Court agreed. The parties had agreed that $15,942.95 was paid from marital funds.  To make improvements to the residence.  And $6,213.44 was paid to reduce husband's mortgage.  Husband was awarded the residence as his [...]

LOST WAGE COMPENSATION AND WORKER’S COMPENSATION

Husband appeals from an order of the circuit court finding that a workers' compensation settlement was marital property.  The trial court had awarded 50% of the settlement to wife. Husband argues that the trial court erred in classifying the entire workers' compensation settlement as marital property.  He says that the settlement is compensation for his [...]

THE VOW OF MARRIAGE TO CARE FOR A SPOUSE UNTIL DEATH….

The divorce court first listed all of the various items of property. It then placed a total value on each item of property. In this case that total value was $2,847,964.51. The court then determined which items of property were marital and which items were nonmarital. The trial court concluded that husband was entitled to [...]

By | November 27th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments

IS IT A NONMARITAL ASSET OR IS IT MARITAL INCOME?

The divorce court classified husband's interest in the retained earnings of a closely held subchapter S corporation as nonmarital property. It awarded wife approximately 60% of the marital estate. Wife appealed. Wife maintained that the retained earnings should be classified as a marital asset. Because they are not corporate assets but rather income available to [...]

By | November 27th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments

COURT ALSO CONSIDERS THE NONMARITAL PROPERTY

Wife has nonmarital assets of $1 million. The previous year, it had generated income of $69,000. The record additionally reflects wife has experience teaching high school students. Wife could increase her income if she chose to return to teaching. Husband has no nonmarital assets. He has nonmarital debts of $70,000 from the business. He earned [...]