Property Division

//Property Division

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 [...]

SO YOU SAY YOU DID WORK ON THE PROPERTY?

The divorcing parties had a second residence.   Wife’s parents had deeded the property to the parties in joint tenancy.   They still lived there.  They had reserved a life estate to themselves. Wife usually paid the real estate taxes from her bank accounts.   Her father moved out.  Wife (alone) managed and maintained the premises. She located [...]

By | October 18th, 2018|Property Division|0 Comments

DON’T SHOW ANYONE THOSE COMPROMISING PHOTOGRAPHS!

Parties agree on divorce settlement terms.   Husband will pay wife $5200 per month for permanent maintenance.   There were other monetary terms related to the children.   There were property division terms. He executed a trust agreement.  He would transfer to a trustee certain described property, including real estate.   This was for the purpose of securing his obligations. [...]

By | October 11th, 2018|Property Division, Uncategorized|0 Comments

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

RETIREMENT PAYOUT IS INCOME FOR CHILD SUPPORT PURPOSES

Parties divorced and divided husband’s pension between them. The parties had three children. Husband was ordered to pay child support to wife. Husband later retired. He filed a motion to reduce his child support payment. Upon retirement, he received a monthly amount from his pension. Husband argued that the pension division was included in the [...]

By | August 16th, 2018|Child Support, Property Division|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 [...]

READ ONE LAST TIME BEFORE YOU SIGN

The parties divorce.   The judgment provides that their Agreement (MSA) settled 'all questions of property rights.  All claims against each other.  All rights of maintenance and all other marital rights arising out of their marriage to each other.' Wife was responsible for everything related to the marital home. It was now hers alone.  She believed [...]