Financial Issues When Divorcing

//Financial Issues When Divorcing

SIGN THE PRENUP OR NO MARRIAGE

Shortly before their marriage, Sandra and Edward signed a premarital agreement. Both parties were represented by separate attorneys. The Agreement defined the parties' rights on the issues of property and maintenance in the event of a divorce. Edward was the sole shareholder and chief executive officer of a company. He earns in excess of $250,000 [...]

By | November 8th, 2018|Financial Issues When Divorcing, Uncategorized|0 Comments

WHAT IF THERE IS MORE THAN ONE REASONABLE INTERPRETATION?

Husband and wife agreed to carry insurance on their lives in their divorce decree.   Upon the death of a party, each of their two children shall be entitled to receive death benefits.  Each child was entitled to $50,000.00 in death benefits. The Agreement did not specifically mention husband's existing life insurance policy.  Husband had not [...]

TRANSFER OF MONIES INTO JUST WIFE’S NAME

Husband funded an IRA in his wife’s name.  Divorce proceedings and trial took place.  Wife argued that the IRA money was a gift to her from her husband.  She testified that the transfer was to make her feel secure.  He testified that the transfer was to protect from malpractice claims against him.  It was her [...]

READ THE PRENUP BEFORE YOU SIGN IT

The parties signed a PreNuptial Agreement before they married.  It included a waiver of the right to maintenance. Husband later filed for divorce. Wife argued that she should receive maintenance and a portion of any property which had been acquired during the marriage.  Husband argued that the premarital agreement specifically provided that anything acquired during [...]

By | September 25th, 2018|Financial Issues When Divorcing, Property Division|0 Comments

PENALTIES AGAINST EMPLOYER FOR NOT WITHHOLDING

Ex-wife filed a complaint against ex-husband's employer.  She alleged that it knowingly failed to withhold money owed for child support and maintenance payments from his wages on 15 pay periods. The trial court assessed statutory penalties against employer, in the amount of $66,700.  Employer appeals.   Employer argues that no penalties should have been assessed because [...]

By | September 21st, 2018|Child Support, Financial Issues When Divorcing|0 Comments

WHEN IS A JOB CHANGE NOT DONE IN GOOD FAITH?

Was husband’s voluntary termination of employment from Touche Ross done in good faith?  The test for good faith is: “whether the change in status was prompted by a desire to evade financial responsibility for supporting the children or to otherwise jeopardize their interests.” The facts concerning husband’s voluntary termination of employment from Touche Ross are, [...]

By | September 21st, 2018|Child Support, Financial Issues When Divorcing|0 Comments

THAT IS ONLY WHAT YOU THOUGHT IT MEANT

Husband was ordered to pay child support when the parties divorced.  He was not working at the time. The child support was based on imputed income.  Or, what he could be earning. The divorce decree had specific language about the definition of income from which child support would be paid.  It said that he was [...]

By | August 16th, 2018|Child Support, Financial Issues When Divorcing|0 Comments

TAKE ACTION AS SOON AS YOU CAN

Wife filed for divorce.   It is now two years later.  The case is set for trial.   Husband filed a counterpetition for legal separation. He also filed a complaint in the law division against wife. He claimed that wife and others schemed to divest him of his interest in marital property.   He said that they had [...]

COURT UNABLE TO MAKE A PRECISE DETERMINATION WAS ABLE TO MAKE A DECISION

Wife filed a Petition for Husband to contribute to her attorney fees and costs in divorce court.  The court held a hearing.    It ordered Husband to contribute $700,000 toward the attorney fees incurred by Wife. Husband appealed.  He argued that the trial court erred.  The trial court had been unable to determine with precision whether [...]

By | July 19th, 2018|Financial Issues When Divorcing|0 Comments