Articles Posted in Division of Assets

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A divorced couple is still having trouble with divvying up their assets, according to a July 5 opinion by the Florida Fourth District Court of Appeals. Normally divorces that have alot of assets take much more time to get done cost a lot more money to do. Divorces that include alot of assets need forensic accountants to analyze the true value of the community estate.

Nancy Hua filed the appeal, claiming that the lower court was not correct when it didn’t give her permanent alimony.  Permanent spousal support requires an analysis of the receiving spouses condition and if it warrant support for a lifetime.  Often the spouse will be ordered to go back to work at some point. And it did not correctly categorize which stocks were considered assets, required both sides to pay money they made in a rental property sale to her ex-husband’s father and dismissed her request for attorney’s fees.

 The legal issues began when Hua’s former husband, Dennis Tsung, filed for divorce in 2013 after nearly 18 years of marriage. At this time, Tsung had moved to Brazil while Hua stayed in Broward County with their two children. During much of their marriage, Hua allegedly received gifts from Tsung’s family.
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Often the most complicated part of any divorce that has assets deals with the  division of a business.  The analysis into determining the value of the business and the contribution of community and or separate property is quite intensive. In order to adequately evaluate the business a party must do a thorough analysis of the business.  This means that a forensic accountant needs to be appointed to look at all aspects of how the business is run and which spouse is controlling the day to day running of the business.

The bitter 2015 divorce of David and Barbara Mikkelson is the fuel that ignited the battle for the popular fact-checking Web site, Snopes, which is now resorting to a GoFundMe drive to keep it afloat.

The showdown takes on added gravity because the popular site, owned by Bardav Inc., is one of the outlets that Facebook turns to for verification of stories when it receives complaints of fake news.

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Tarek El Moussa and Christina El Moussa won’t be divorced anytime soon if swift action isn’t taken immediately.

It was reported on July 21 that the “Flip of Flop” duo’s divorce is on the verge of being thrown out because it’s not moving forward — Christina has reportedly not responded and Tarek hasn’t filed documents in months.  Usually california Law is very clear that a divorce petitions once filed and served needs to have a response done within 30 days after it is served on the other party.  It is unclear if a response has been filed but I assume that one has been done.  There might have been a hearing set to discuss certain divorce issues such as support and custody however, it looks like the couple has  dealt with those issues and they might be behind them.  Therefore anything the Court is looking at might be to take a hearing off calendar since the parties are cooperating with one  another.

Another issue involving divorce deadlines is the movement of the  case through the court system.  A stagnated case will be dismissed usually within 5 years.  However, the El Moussa’s case is relatively new so that probably is not the issue. There are certain requirements once the divorce is started that each party must abide by.  These would be the declarations of disclosure of  assets and liabilities.

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Have you ever ignored your spouse’s text messages? Be warned: it could be used against you in court.

A woman in Taiwan has been granted a divorce, using the “Read” indicators on the Line messages she had sent to her husband as proof that he had been ignoring her.

The app showed he had opened the text messages, but didn’t reply to any of them.

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Joanna Krupa has filed for divorce from husband Romain Zago is an American businessman and nightclub owner. Romain Zago owns the Mynt Lounge club in Miami Florida. There four year marriage was on the rocks. They filed in Los Angeles county after the marriage broke down.

Joanna filed legal docs claiming the marriage is “irretrievably broken.”  All marriages in California usually state that their marriage is irretrievably broken.  It must be stated in the petition in order to actually get a divorce. It’s clearly not going to be contentious … according to court records, the couple hashed out who gets what in a Marital Settlement Agreement dated today, July 10, 2017. In a marital settlement agreement all he issues of the divorce will be put into an agreement that then will be filed with the court.  The agreement will fully encompass every issue of the divorce proceeding.

Both Joanna and Romain have agreed not to seek spousal support against the other. Since it is a short term marriage spousal support will not be a big issue.  Usually anyone who might pay will pay one half of the length of marriage. Its unclear who is the spouse who earns more money. Krupa is worth 8 million dollars. And Zago has a net worth of 16 million dollars.  Therefore, zago might be on the hook to pay support for 2 years.  Since Krupa is a working model she probably doesnt need the money however, that is not the criteria for determining spousal support.

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If you are going to get a Divorce in the U.S. Virgin islands the Florida family law applies.  That is what happened to a couple who are getting divorced and attempting to divide property in the U.S. Virgin Islands.  An appeals court has remanded a divorce case involving the value of a property in the U.S. Virgin Islands.

It seems Calvin Callwood was trying to divorce his wife Toleatha Callwood and filed an appeal in the 4th District Court of Appeal in a case involving after a trial court ruled that his net equitable distribution was $86,613, while his wife’s was $86,614. The trial court also said the husband and wife would each get 50 percent of the proceeds from the sale of their home, which was worth roughly $400,000. The trial court also granted the wife a property in the U.S. Virgin Islands called Estate Peterborg, according to court documents.

The husband argued that the property is worth $565,000 based on a tax assessor’s estimates. He said that it is likely the value would increase after an occupancy permit was issued. The wife said the value of the property was about $500,000 and when the property is occupied, its value could increase to $3 million to $5 million, court records state.

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Phaedra Parks and Apollo Nida‘s long, drawn-out divorce case is finally over they’ve reached a settlement that includes a parenting plan. This case has had some interesting twists and turns along the way untill a divorce settlement has been reached by the parties. Apparently along the way Phaedra was accused withholding documents that stated her income.  In a divorce if a party witholds their income through the disclosure declarations a Judge can order sanctions against that party.  If sanctioned the party can lose credibility with the judge and any judgment entered can be set aside by the other party.

The huge hang-ups were spousal support and how they’d split property. She was adamant they had an ironclad prenup but he wanted the judge to toss it out. The agreement is confidential so it’s unclear who got what. A prenuptial agreement should prevail in California Courts because they are valid contracts made in anticipation of marriage and are upheld by the Courts unless they are held to be unconscionable.

They also struck a custody agreement they’ll share joint legal custody and Phaedra will have primary physical custody. Makes sense Apollo’s serving prison time for money fraud.

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Ron White the famous comedian best known for a comedy touring group who alongside Jeff Foxworthy and Bill Engvall became very famous back in 2003.  Ron White’s wife is filing for divorce from Ron White, and it looks like the length of their union will be a major point of contention.  Length of marriage is an an important factor in many divorces.  The reason being is that in divorces you need to divide property according to the length of the marriage.  If parties were married more than ten years in California they can seek special treatment regarding spousal support.  A life time support award can be ordered by the Court if necessary to make the parties equal based on their standard of living.

In the case of Margo Rey who filed a divorce petition last week in Los Angeles and is saying she and Ron white had been separated since May 8. Another major reason the date of separation might be an issue is that of dividing a pension or retirement account.  The time rule is an important rule that courts use to determine how much one spouse gets from the other spouse when dividing the community interest in retirements. Margo Rey got married to Ron White in October 2013 and has no children with him.

Another issue that is not commonly seen in Courts deals idea of a Common Law marriage which she states started in Texas in 2008.  That would then give her over ten years of marriage and therefore lifetime spousal support.  In Texas, a couple can be considered married in the eyes of the law if they live together as husband and wife and hold themselves out in public as a married couple. Margo says she wants Ron to pay spousal support. It’s likely she raised the common law issue so the marriage would pre-date 2013 by 5 years, thus entitling her to more spousal support.  In California there is such an allegation of a Putative spouse doctrine.  Where parties hold themselves out as married and believe they are married but for the official ceremony and certificate.  Usually this comes up with voidable marriages where parties assert they are married really despite a void marriage.

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Natalie Maines is untieing the knot with her husband. She is famous for her political dislike of George Bush and Donald Trump.  She also is famous for her remake of the song Landslide by Fleetwood Mac. She also was part of a famous band from Houston, Texas,  The Dixie Chicks. Her husband is Adrian Pasdar who is famous for being an American actor and voice artist. He is known for playing Jim Profit on the TV series Profit, for his roles in Near Dark, Carlito’s Way, Mysterious Ways and as Nathan Petrelli on Heroes.  Natalie Maines filed her petition for divorce on Friday, June 30.

Maines, 42, and Pasdar have been married for 17 years. They wed in June 2000 at the Little White Wedding Chapel in Las Vegas after hitting it off at fellow Dixie Chick Emily Strayer’s 1999 nuptials to Charlie Robison. The singer was a bridesmaid, and the Agents of S.H.I.E.L.D actor, 52, was a groomsman.

The breakup is “a private family matter,” according local media establishments.

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A costly ‘gray divorce’ can upend your retirement plans.  The problem with divorce and a hefty retirement package is that now it needs to be divided. And if it is a long term marriage that means a long term investment with lengthy growth in the financial investment.  I means all that time and energy saving your money to only see it go out the door to a soon to be ex wife in the waning years of your life after all that work and effort.  All gone.  It seems so sad, but according to the statistics people are doing it and are doing more than every.  Age and long term marriages dont last I guess and no matter how gray you might be and how old people would rather be single and separated and poorer.

Among U.S. adults ages 50 and up, the divorce rate has roughly doubled since the 1990s.

When divorce becomes part of the financial equation, funding retirement can become more difficult for both parties.

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