Tag Archive for: division of assets

Who Gets the House in a Divorce?

Marital Assets and Property

You’ve lived there for 20 years. Now one of you has to leave. And a central question in divorce is: Who gets the house?

It may seem like getting the family home in the divorce settlement is a victory. But is it? Think it through: along with the property come property taxes. And there’s usually a mortgage (which in many cases is too much for one person to afford easily). If you’re like most couples, you and your spouse have precious little equity to show for your home ownership right now—but trying to sell is going to be a lengthy affair. You may even lose money. So is it a blessing to get the house — or a burden? Read more

Who Gets Custody of the Family Business in a Divorce?

When Jennifer Lopez went on the Today Show last month, she brought up an interesting subject: What happens when the guy you’re divorcing is the same guy you’re in business with? In J-Lo’s case, Lopez is co-producing a new TV series, “Q’Viva — The Chosen,” with her ex-husband, Marc Anthony. The project has been in the works since long before the couple decided to split and — surprisingly — the business venture will survive their split. As Jennifer explained to Today Show host Matt Lauer, the passion and commitment both she and Marc feel towards the show outweighs their personal differences, so they have agreed to keep working together, despite any leftover emotional baggage. Read more

Divorcing? Consider a Lifestyle Analysis

As part of the New Jersey divorce process, you will need to complete a Case Information Statement – essentially what amounts to a listing of a couple’s financial assets and liabilities as well as income and family expenses. The courts then use this document, in part, to determine such critical financial matters as division of assets, alimony, and child support.

In a perfect world, the information written down on the Case Information Statement would be 100% accurate and complete. But what if you don’t have access to old bank accounts, are unsure how much you owe on your mortgage, and have no idea how much money it takes to pay the bills each month – and on top of this have an uncooperative spouse only willing to supply minimal information? Instead of guessing or estimating – and possibly suffering the consequences of an inaccurate financial record — your lawyer may recommend a process called lifestyle analysis.

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Crazy Prenuptial Agreements

We usually associate prenuptial agreements with finances: how much of one spouse’s worth the other will get if they’re divorced, whether one will get support, who gets the house. They’re don’t really rank high on the wedding cake with doves and hearts flying over it  romance scale, but they have their place.

But the dollars and cents breakdown is only one part of a prenuptial agreement now–some people use them to try to define behavior and conditions of their marriage and these “lifestyle” clauses can get pretty crazy. It’s one thing to state who gets Mittens the cat if the couple splits up, but setting out requirements for the number of times they have sex per week? That’s micromanaging.

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Division of Assets in New Jersey Divorce Law

New Jersey divorce law follows a theory of equitable distribution when dividing up marital assets. It’s important to understand that equitable does not necessarily mean equal, as in 50-50. Once all assets are valued, the court will strive for a “fair, but not necessarily equal, division” of marital property.

The law views marriage as a shared enterprise, and deems property acquired by either spouse during the marriage to be jointly owned.  Generally, property owned prior to the marriage, and third party gifts and inheritance received during the marriage, are exempt from marital property (unless the property has been since transferred into joint ownership).  The burden is the party wanting to exempt an item to show exempt status.

Those are the theories, but in practice many grey areas arise. In the case of certain property previously owned by one person and that remains solely in their name – such as the house or retirement funds – it can be shown that the other spouse is entitled to a fair share of the appreciation value during the marriage.

The court will examine several factors, including: (1) the length of marriage; (2) the standard of living during the marriage; (3) the economic circumstances of each party; (4) the age and health of the parties at divorce.

While each item’s history and use is relevant, so can be the parties’ current ages and relative economic positions.  At the Weinberger Divorce & Family Law Group, each of our attorneys is experienced) in New Jersey divorce law. We know how the courts interpret the equitable distribution statute and can help you receive your fair share of assets to secure your future.

10 Most Expensive Divorces in History

Marriage is supposed to be a perfect union; a partnership of two like-minded people who together become more than the sum of their parts, falling in love forever. Alas, this utopian ideal is far from reality for many people. Indeed, statistics show that the rate of divorce in America for a first marriage is 41%, for a second marriage it is 60% and for a third it rises to as high as 73%. Read more

10 Most Bizarre Custody Cases Involving Pets

pet custody

Divorce or separation can be an extraordinarily stressful experience – especially for couples with dependents. However, increasingly, those dependents include not only the kids but the family pets as well. It might seem odd but many Americans care for their furry friends as they would for their own children, so when love turns sour the tug of war extends not just to the Ford but also to the family pooches. Indeed, when everything is at stake, the custody of pets can turn agreements into acrimony. There’s even a book on the subject: We Can’t Stay Together for the Dogs. Here are 10 of the most bizarre custody cases fought over family pets.

 

10. Tequila the Parrot

Tequila the African gray parrot was lucky enough to be a much loved bird – so much so that Tequila’s second owner named him Lucky. However, Tequila was originally owned by Angela Colicheski of Boca Raton, FL; the bird managed to escape, and was eventually taken in by Sarita Lytell. By chance, 3 years later, Colicheski and Lytell met at a Dunkin’ Donuts, and got to talking about their shared love of parrots, before realizing that they had at different times actually owned the same bird. At this point Colicheski asked Lytell to return him and when she refused, Colicheski sued. Lucky no more, Tequila was returned to Colicheski three months later and Lytell’s claim for the cost of keeping the bird was dismissed.

 

9. ‘Pepperoni’ the Border Collie

Custody battles aren’t always fought between husband and wife; sometimes the pooch’s godparents get involved as well. British lawyer Sandra Toye told The Independent about a case where a breeder had given ‘Pepperoni’, a border collie, to a friend, with no money or paperwork changing hands. When the friend split from her husband the breeder snatched ‘Pepperoni’ back, claiming that the dog was her property. More than 11 months and £20,000 ($30,000) later, the breeder gave in and returned the hound. The client commented: “I know it was financially dumb but my mindset all along was, ‘We’re not going to let them win’.”

 

8. Poppy the Staffordshire Bull Terrier

Take reality TV stars and add litigation and pets and you have the perfect recipe for a media circus. Brits Melanie Hill, of the first series of Big Brother in the UK, and Alex Sibley, who appeared in the third series, fell out big time over their pet Staffordshire bull terrier, Poppy – to the tune of a 13-month battle, costing £25,000 ($40,000). When the pair split at the end of a 2-year relationship, Melanie kept the pup, bought for £70 ($100) from Battersea Dogs Home, while Alex was arrested for harassment (for which he was later cleared). A judge eventually awarded the pair shared custody and called for Melanie to pay 80% of Alex’s costs as well as her own – while warning that the dog might be affected by the tension. Alex told the BBC: “She is a dog in a million… She is absolutely the best dog in the world.”

 

7. Lucy the Lamb

Not all custody battles are fought over pampered hounds; one Bethan Parkinson actually fought for, and eventually lost, custody of a sheep. Bethan bought Lucy the lamb as a pet for her daughter while living in Buckley, in the UK. However, she soon found that with four dogs, three cats and two ponies she had no room for Lucy, so she asked the manager of an animal rescue center if they could care for the animal. Five months later, having moved to North Wales, Bethan attempted to get the sheep back. The rescue center refused, so Bethan called the police. When four officers arrived she displayed a receipt for the sheep, for £30 ($45), and Lucy was returned. The rescue center then took legal action and won – saying Bethan had changed her mind after leaving Lucy with them.

 

6. Bailey the Staffordshire-Labrador cross

When British model Orla O’Rourke split from her boyfriend, male model Tim, he decided that their dog, Bailey, was his. Following an amicable private settlement, Orla took to making a two hour round trip from central London to Romford, Essex once a fortnight – an arrangement that lasted for more than 4 years. However, this wasn’t the first time that Orla had made the effort to keep in touch with separated pets. After breaking up with a boyfriend in the US, Orla flew transatlantic once every six weeks in order to spend a full week with the dogs the couple had shared. The ex would apparently sometimes try to stop her from seeing the dogs – so she waited until he was out and crept through the dog door. “There’s always a lot of strife around it,” she told the Daily Mail. “You see the worst of some people. It’s so easy to use the dog against your partner.”

 

5. Zena the Poodle

When Zena the poodle’s owners John and Lisa Roberts parted ways they couldn’t decide who would claim the then 5-year-old dog. After a one hour hearing, John was given Zena on weekdays and Lisa given her on weekends. Adding hyperbole to the proceedings, John’s attorney Joe Duncan commented: “It’s like what a Solomon decision might do. The parties just felt so strongly about this issue that it was very difficult for them to give in, and that’s what judges are for.” Fortunately no one suggested cutting Zena in half – though we hope neither party would have accepted the offer.

 

4. Gigi the Pointer-Greyhound cross

By now you might have got the message that when people fight over pets, they fight hard. When Dr Stanley Perkins parted ways with his wife Linda in 2000 they set a precedent for determination. In all the couple were reported to have spent $150,000 fighting over their pointer-greyhound cross-breed, Gigi, which they had adopted from an animal shelter. During a three day hearing, reports by animal behaviorists, bonding studies and a video on Gigi’s routine were all scrutinized. Linda even presented a birthday card from Gigi recognizing her as the dog’s ‘mommy’. She ultimately won custody.

 

3. Jakob the Horse

When parish councilor Anthony Ewen took Jakob the horse from his field, in the UK, it started a very peculiar chain of events. Anthony claimed that the horse, which had been bought while he was married to his ex-wife Chrissie McBurnie, would be happier and safer in another field, with other animals. The following night Chrissie and her friend Tracey Young held a silent protest at a parish council meeting with a poster of the horse. The police were called and four officers removed the pair from the meeting. Chrissie, who claims Anthony does not know the horse’s name, as he calls him Thunder, said: “He is doing this to hurt me. Jakob has hardly any cash value – you can buy ponies at auction for £50 ($75) these days. He might be worth £300 ($450) to the meat man but that is it.” It was alleged that she punched Anthony in the face two days later.

 

2. Trouble the Maltese

When ‘Queen of Mean’ Leona Helmsley died she left the largest bequest in her will, of $12m, to her Maltese, Trouble. A year later the dog’s trust fund was slashed to a mere $2m, with an annual expenditure of $100,000 to cover security, $8,000 on grooming and $1,200 for food. Carl Lekic, the general manager of the Helmsley Sandcastle Hotel, serves as a guardian for the spoiled pooch, on a salary of $60,000 a year. Mr Lekic might just be one rather lucky custodian.

 

1. Rocky the Golden Labrador

When New York businessman Marsh Newmark’s wife, opera singer Darynn Zimmer, left with the dog, things did not go well. Initially the couple shared Rocky the golden labrador, but, according to the New York Daily News, one day Darynn had a dog walker announce that Rocky would not be being returned and then accused Marsh of abusing the dog. The golden lab got a clean bill of health from a vet, but Darynn then announced she was moving to Connecticut. Distraught, Marsh asked a friend to apprehend Rocky while he was being walked. The friend was tackled by a doorman and the police were called, while the boyfriend reportedly shouted: “He’s stealing my dog!” It was then that the couple took Rocky to court – and after a $60,000 custody battle, Darynn retained custody.