As Opening Day approaches, much of the buzz about the LA Dodgers focuses on the owners’ high profile divorce case. There are numerous legal issues in the case, as well as millions of dollars at stake.
While Frank and Jamie McCourt are currently litigating the issue of temporary spousal support (with Jamie [...]
Mar
31
2010
31
2010
Dodger Divorce
Mar
29
2010
29
2010
The Dangers of a Power of Attorney Following Separation
Many people give their spouse a Durable Power of Attorney to handle their financial affairs. In the divorce context, Durable Powers of Attorney are loaded guns. An estranged spouse can use a Durable Power of Attorney to transfer their spouse’s assets to them, take out loans in the name of their spouse, and engage [...]
Mar
24
2010
24
2010
Divorcing Couple War Over Child’s Religion
Recently, a Chicago father has been in the news for violating a custody order by taking his daughter to a Catholic mass. Specifically, Father converted to Judaism after marrying Mother, and allegedly agreed to raise their daughter Jewish. However, they soon separated, and Father began practicing Catholicism again and even had their [...]
Mar
10
2010
10
2010
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Mar
10
2010
10
2010
Spousal Support is Not Always Deductible When Liability Extended Beyond Death
Husband and Wife entered into a Marital Settlement Agreement predicated upon their ultimate judgments of divorce. If the couple were to enter into a divorce, the provisions of the agreement would be fully incorporated into the final divorce judgment.
The agreement included two provisions regarding their respective rights upon death of the other party with respect [...]
Mar
8
2010
8
2010
Inherited IRA’s and Management in Your Living Trust or Marital Trust
A husband and wife developed an estate plan that included a trust which was subdivided into Trust A, Trust B and Trust C. Trust A would contain the survivor’s separate and community property (Survivor’s trust). Trust B would contain the balance of the decedent’s estate (Decedent’s Trust). And Trust C (Marital Trust) allowed the surviving [...]
Mar
3
2010
3
2010
Lump Sum Payment Allowed as Alimony/Spousal Support Deduction
Wife and Husband filed for dissolution of their marriage a couple years back. Prior to their final judgment of divorce, the couple reached an agreement for a lump sum spousal support payment. Marital Settlement Agreement called for a payment of approximately $150,000 and the final judgment incorporating the Marital Settlement Agreement was issued by the [...]
Mar
1
2010
1
2010
It’s Tax Time: Income Tax Considerations During a Divorce
If you are in the middle of a divorce proceeding, you may be wondering how you should file your tax return, whether you can claim the children as dependency exemptions and how to determine whether support payments should be deducted or included as income. The following brief, non-exhaustive summary will help you navigate these issues [...]