The most contentious business issue in many divorce proceedings is the value of the business that must be divided as part of the divorce settlement. Valuation is an inexact science, and the divorcing couple can easily spend hundreds of thousands of dollars on expert and legal fees battling it out over the value of one or more private companies included in the marital estate. This challenging issue is not subject to any easy fix. But there are some options the couple may want to consider before engaging in an expensive and time-consuming valuation battle.
Marital settlement agreements are common documents used to mitigate problems with divorce litigation. While a pre-nup is more common, couples can also agree to enter into a post-nup that details a property division and removes any conflict regarding the valuation of specific assets. Texas statutes set forth strict requirements to follow for marital agreements be enforceable.
News of Adele’s impending divorce from her husband Simon Konecki was a surprise to many, and many more were surprised that the star and her husband had not signed a pre-nuptial agreement. Under California law, Konecki may be entitled to up to half of the singer’s earnings from the time they were married. If they choose to file in California, where they own significant property and Konecki has an office for his company, the pair might have to split everything evenly. Adele has already gifted Konecki a property worth over $600,000, which some see as an indication that the split may be amicable. Adele herself said in a Vanity Fair interview that money is “not that important a part of my life.”
The lack of a pre-nup may seem unusual in the cynical climate of Hollywood’s almost contractual atmosphere surrounding relationships and even marriage. There is a perception that pre-nups are a fact of life, and that all wealthy people have them. In fact, only around 5% of married couples have pre-nups, and only 15% of divorcees say they regret not having had one. There are obvious caveats – Steven Spielberg found out the hard way that pre-nuptial agreements need to be an actual legal document, a literal back-of-the-napkin mistake that cost him a $100 million settlement. Both sides need appropriate counsel and a thorough accounting of their assets, which can make the cost of a pre-nup financially impractical for some.
The other side of the debate over pre-nups is emotional, grounded in a perception that such a document, or even the desire to sign one, is inviting the relationship to fail, tempting fate, or making it easier to get out of. It can even be seen as an indication that there is no trust in the relationship. The reality is, a pre-nup is an important legal tool, one which can be used to protect family assets, ease transitions, and hold individuals accountable. In a climate where up to 50% of marriages end in divorce, a pre-nup can be invaluable.
Many people feel that if they are going to get divorced they need to find a least adversarial way in order to resolve all the issues of the divorces such as Spousal support, Child support, and property division. And thus recently there has been a push by many divorcees to go the that way. However, issues have arisen that might be an impediment to an easy mediation, divorce free conflict amongst litigants going through a divorce. Everyone believes and rightfully so that everything during the mediation process remains confidential and thus all agreements are set in stone. However, such is not the case.
A recent article from The National Law Review cited a recent case where the confidentiality provision of the medation agreement did not get signed. Therefore the alleged agreement between the parties was not proven to be an agreement in the Court of Law. As a result all the hard work and time and and effort put into paying a mediator and getting a divorce agreement done out of court was for nought. This kind of situation can occur more likely than not if your mediator or the parties are not experienced at doing the mediation process. In the case cited above the alleged agreement between the parties could not be show in the court of law because the parties never signed a waiver of confidentiality clause. Therefore the agreement could not hold weight nor was admissible in the Court of law.
In order for the mediation agreement to be a part of the Divorce proceedings the parties would have needed to sign a waiver of confidentiality which would then let the mediation document become admissible in a court of law. Normally all mediations are confidential and therefore cannot be brought into the legal setting without a waiver of confidentiality signed by both parties.
Lawyers for Linda Macklowe accused 432 Park Avenue’s developers of “playing dirty” and violating a slew of laws by surreptitiously filings plans to downsize her unit — and then trying to force her to close on the $14.4 million pad.
“We shouldn’t have to close when they are playing dirty,” argued Adam Leitman Bailey, an attorney for Harry Macklowe’s estranged wife, who said the closing should be delayed until the former couple’s $2 billion divorce is final and their assets divvied up. “This isn’t the time when you decide to close or not,” he added. In divorce proceedings the division of property can be done at any time during the divorce proceedings. often if there is no resolution then the trial will decide the fate of unresolved division of property issues. Often before the divorce is final certain provisions will be made by the parties to provide temporary or permanent division so that at some level the parties can go on with their lives.
According to Bailey, Harry is getting preferential treatment from 432 Park’s developers — CIM Group and (ahem) Macklowe Properties — since he never received a closing notice even though he’s in contract to buy the apartment next to hers on the 78th floor. “They’re not playing fairly,” charged Bailey, whose navy pinstriped suit was torn at the shoulder, the result of vociferous arguing in court that morning. “He’s going after her money.” Having a third party lawyer represent Harry’s interest in real property is an very passive aggressive maneuver to obviously push his wife into making decisions she is not comfortable making at this time.
Earlier this week, we reported that Daniel “Booby” Gibson, was requesting full custody and spousal support from his estranged wife Keshia Cole. As you can imagine the internet did not approve of the request. Not only because the two seemed to have a healthy co-parenting relationship but also because as a former NBA player, Gibson doesn’t need any of Keshia’s money…or he shouldn’t, anyway. This idea that a spouse that earns more money should not in any way ask the other spouse to pay their share of spousal support is very interesting. As an ex NBA player he should not be banned from requesting from Keshi Cole that she pay Spousal support. The law is gender neutral and in order to respect the law The Court must take into all accounts the income and need of both parties as part of the divorce proceedings.
When the news hit the internet, folks felt a way.
A couple in Canada who decided to divorce after 35 years of marriage had to go to court to settle one of the more important aspects of their separation: Who gets their Edmonton Oilers season tickets? Often during the divorce there are issues regarding the division of property. Usually the house is the main issue. In others people have to divide personal property such as jewelry, cars, dogs and cats and other belongings people acquire over there long term marriage.
Often people have to deal with other financial issues such as spousal support and in long term marriages that can be a huge issue.
Beverly and Donald McLeod separated in 2015, with Donald agreeing to pay Beverly $15,000 per month in spousal support. But they needed a court order to decide what to do with the hockey tickets they had shared for the past 11 years.
“This was certainly a unique case,” said Special Agent Doug Kasper, who supervised the investigation from the FBI’s Indianapolis Division. Even after 58-year-old Patricia Bippus-Allen was sentenced to five years in federal prison in July after pleading guilty to conspiracy to commit bankruptcy fraud, subornation of perjury, wire fraud, and aggravated identity theft, investigators remain uncertain about her motive or what she did with the money.
What is certain, however, is that Bippus-Allen devised an elaborate bankruptcy fraud to gain access to her husband’s wages, and she made multiple unauthorized withdrawals from his 401(k) retirement account—all with the help of her brother, who impersonated her husband.
The reality show couple is on their way to officially parting ways.
“Flip or Flop” star Christina El Moussa filed for divorce from her estranged co-star husband Tarek six months after announcing their separation.
After just seven months of marriage, the former Countess took to her Twitter account on Thursday to share that she and her husband of seven months, Tom D’Agostino, are calling it quits. “It’s with great sadness that Tom & I agreed to divorce,” she wrote. “We care for each other very much, hope you respect our privacy during this sad time!” A short term marriage brings on different issues for the divorce process. Often there is not enough property to split and therefore separating community property will not be as complicated. In addtion, the spousal support issues will be rather simple and too complicated.
Although her costars had voiced their doubts about the former couple’s relationship, they were stunned to learn about their decision to end their marriage after less than a year.