Property Division

//Property Division

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 [...]

WAIVING AN INTEREST MEANS YOU NO LONGER HAVE AN INTEREST IN THAT ASSET

The parties divorced.  Each party kept their own retirement assets.  Each waived an interest of any kind in the other’s retirement assets.  Ex-husband died after the divorce.  He never executed a document changing the ex-wife as the beneficiary to his 401(k) account. The Executor for ex-husband informed Fidelity Brokerage Service that the 401(k) account should [...]

By | February 6th, 2019|Post-Decree Issues, Property Division|0 Comments

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 [...]

NO SALE OF PROPERTY, NO CLOSING COSTS

The trial court stated that it would divide the marital property 60/40 in favor of the wife.   The husband had argued that there were errors in calculating this result. One of those errors was that the court had included closing costs.  The trial court had reduced the net equity value of the marital home by [...]

By | January 24th, 2019|Property Division|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 [...]

BATTLE OF THE EXPERTS

Parties divorce. Wife appealed a number of issues. One of them is the valuation of husband’s share in a corporation. The Appellate Court did not agree with Wife’s arguments for the valuation. Wife’s expert, Lipman, testified that the capitalization of excess earnings method is generally employed in divorce cases. He wrote a valuation report. He [...]

By | November 17th, 2018|Property Division, Uncategorized|0 Comments

HOW DO YOU FIGURE OUT WHAT THE TRUE VALUE OF A PENSION IS?

The judge held that the value of husband's pension was more than his contributions. It then awarded wife only a portion of the contributions husband had made. The court said that this was the proper value of the pension for asset distribution. Wife appealed. The trial court had stated that there was a need for [...]

By | November 17th, 2018|Property Division|0 Comments

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 [...]