Hartley, Maxwell, & Castellano Attorneys at Law
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divorce and financial issues Archives

Divorce and bankruptcy are often twin challenges

One of the most common reasons for divorce is financial issues, so oftentimes a couple filing for divorce will also need to file bankruptcy. Whether it happens before, during or after the divorce, a bankruptcy filing will likely complicate the divorce action, regardless of whether the bankruptcy is filed jointly or individually.

World's richest man announces divorce

Some in the media practically shouted the headline that Amazon CEO Jeff Bezos was getting divorced. That in itself was not the issue, it was the fact Jeff and MacKenzie Bezos did not have a prenup despite the fact that Bezos is worth an estimated 137.1 billion dollars. In a gesture that may be seen as noble by some and foolish by others, the couple's divorce is an amicable one and they are splitting the estate in half.

Tax law changes likely effect prenups

There has been much discussion this year about how the latest changes of the Tax Cuts and Jobs Act affect the taxing of alimony payments in divorce. However, those laws are also potentiallty impacting those who still are married and have a prenup. For wealthy couples, the tax law change would likely mean those prenups no longer accurately represent the spirit of the original agreement.

University professor caught hiding retirement egg is sentenced

It is our goal that every divorce can be handled in a professional, honest and forthright manner by staff and clients. However, the client or their spouse may have difficulty in dividing such assets as real property, bank accounts, investments and possessions. This can lead to the temptation to deceive, hide or otherwise mislead the other side.

Making a binding postnuptial agreement

Postnuptial agreements can serve a variety of purposes. One common use is to sooth tension over a disagreement a couple may have. It can apply to different matters, but couples commonly use it to address disagreements over finances or control of certain assets.

Banker tries but cannot outrun alimony payments

A British couple's highly publicized split in 1997 is still not resolved. With the couple moving separately to the United States in 2009, the bitter battle remained in the English courts. According to a ruling in 2013, banker Yan Assoun should be paying three-times the $132,000 he pays annually, per the original agreement. This is because Assoun now earns in excess of $1 million.

University professor caught trying to hide assets

Dividing marital assets is a complicated process that involves itemizing a complete list of bank accounts, real property, and other possessions of value. The list must be as comprehensive as possible with the understanding that some assets (such as stocks) will fluctuate in value. In a perfect world, the couple looks at the list and comes to an equitable agreement with help of their attorneys. However, the temptation to deceive or mislead can prove to be too appealing for some spouses.

Common mistakes in dividing an IRA

Filing for divorce involves a variety of challenges. For some couples it may be a custody issue, while for others it the distribution of marital assets. Marital assets often involve property, businesses and possessions, but also include such assets as pensions, stocks, savings and an Individual Retirement Account (IRA). 

Alimony payments to be taxed beginning in 2019

Many Americans are well aware of the new tax reforms under the Tax Cuts and Jobs Act. One detail of the law that directly affects family law and divorce is that money paid to alimony or spousal support will be considered taxable income, and those who receive alimony payments will not have it taxed as income.

Wall Street exec to pay $4.1 million before divorce trial begins

Each divorce is as unique as the people involved. Some go smoothly with a fair and equitable arrangement, while others are more contentious. The Trafelets made the news recently when an appellate court judge in New York ordered hedge fund manager Remy Trafelet to pay $3.5 million in interim fees to his wife Lara. This is after $600,000 payment in 2017.

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