NY Court of Appeals Denies Reopening of Divorce Settlement Following Madoff Ponzi Scheme

Posted on April 6, 2012 by admin

The Chicago Tribune is reporting that Steven Simkin, a leading Manhattan lawyer who divorced his wife of 30 years, Laura Blank, retained the bulk of a $5.4 million joint account held with Bernard Madoff as part of their detailed divorce settlement.

Simkin agreed to pay Blank $6.25 million, $2.7 million of
which came from the Madoff account. Following the complete demise of the account in 2009 when Madoff’s Ponzi scheme came to light, Simkin sued Blank, seeking to reopen their divorce settlement based on his losses from the Madoff account.

A unanimous NY Court of Appeals, while sympathetic to Simkin’s plight, denied his request to reopen the
divorce settlement. Comparing the Madoff account to a marital asset that unexpectedly loses substantial value following a divorce, the Court ruled that this was not one of the exceptional circumstances that merited the extreme measure of reopening a divorce settlement after all of the marital assets were distributed.

In a society where failed investments have become all too common as the stock market plunges and the economy falters, Simkin is not alone in his losses. Chicagoans who are contemplating divorce and have any amount of marital assets,
should contact a skilled Itasca Illinois divorce lawyer for help in
protecting their assets and rights in the divorce. A qualified
Itasca divorce attorney can assist in developing a strategy that will give their client the best resolution possible from your divorce, whether it be through settlement or court proceedings.

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Illinois divorce laws – How do they work to split up debt?

Posted on March 23, 2012 by admin

Division of properties and debt is one of the most important aspects of divorce.

Like other US states, Illinois (IL) also has its own set of divorce laws regarding division of both marital and non-marital property as well as debts.

IL divorce laws – Division of marital property

The family courts of Illinois generally make ‘equitable distribution’ of debt and marital property. Marital property may be defined as the property that the couple acquired during the course of the marriage. There is no specific rule regarding equitable distribution of marital property. Some factors that influence division of marital property may include,

  • Course of the marriage
  • If any of the party owns considerable amount of heirloom non-marital property
  • Age, health, income and educational qualification of each of the parties
  • If either party would act as primary custodial parent of one or more minor children

IL divorce laws – Division of non-marital property

IL divorce Acts do not include non-marital property to the process of equitable distribution. Actually, non-marital property is something that either spouse owned or inherited before marriage. If a spouse uses his or her non-marital property for common interest during the marriage, it would be considered as marital property.

IL divorce laws – Marital debts

Irrespective of the state, a martial debt can be defined as the financial obligation that was owed by the couple during the course of their marriage. If either spouse owed any debt prior to the marriage, that won’t be considered as marital debt. A debt must be owed prior to the date of separation, to be deemed as a marital debt. Marital debts include home mortgage, credit card debt, loans and even tax obligation. A debt is martial debt only if it was taken out during the course of marriage, irrespective of who contracted for it.

Division of retirement and pension funds

Any contribution made to the pension funds or 401K or IRA during the term of marriage is likely to be considered as marital asset. Therefore, such a fund is subject to split up upon divorce. The court, however, first decides the ratio of division after considering several factors. The Illinois court generally awards the spouse, who gave up his or her job to look after home as well as raise the children. Since the working spouse is entitled to get employee benefits, the court may allot maximum share of retirement benefits to the at-home spouse.

Settlement agreement and marital debt

According to the American Bar Association, the divorce judges typically want both the parties to settle on their marital debts. Once the couple settles on the distribution of debts, it is formalized as the form of a settlement agreement. Normally divorce judges approve voluntary settlement agreement willingly.

Divorce decree and marital debt

If no settlement agreement takes place between the parties, the court carries out a trial to resolve marital debt as well as other financial issues. The divorce judge considers several factors at the time of distribution of outstanding debts.

The process of division or distribution of marital property as well as marital debt is really confusing, complicated and controversial. However, once the court issues a decree, both the parties must abide by all instructions including division of marital property and debt.

This is a guest post by Christina Jones, a writer & editor associated with Oak View Law Group ( http://www.ovlg.com/debt-settlement/ ). She has also been contributing to many personal finance blogs as a guest columnist.


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Calculating Child Support in Illinois Divorce Cases

Posted on March 12, 2012 by admin

The issue of child support arises in nearly all Illinois divorces where children are involved. In most cases, the non-custodial parent will pay child support to the custodial parent (the parent who the child resides with the majority of the time.)

Like all states, Illinois law sets forth child support guidelines that help a court determine how much child support the non-custodial parent is required to pay to the custodial parent. According to Illinois Child Support Services, the state agency responsible for collecting and distributing child support payments, Illinois state courts are required to follow the guidelines, unless the court determines that the payment amount established by the guidelines would be inappropriate, or otherwise not in the child’s best interests. Therefore, you will find that most child support orders in Illinois follow the Illinois child support guidelines.

The amount of child support due is calculated based on the non-custodial parent’s net income and the number of children that he or she is responsible for supporting. (Net income consists of the parent’s income from all sources, minus deductions for things like federal and state income taxes, Social Security (FICA) and medical insurance premiums.) The percentage of their net income that an Illinois parent is required to pay can range from 20%, for one child, up to 50% for six or more children. In addition, if a parent has no income, the court is likely to order that they pay child support based on the amount of estimated net income from a minimum wage job.

Although the above outlines the basic method of determining child support in Illinois, there are other factors that can affect these calculations. A Warrenville divorce attorney can assist in estimating child support payments, verify that child support orders are correct, and can work to ensure you receive your child support payments in a timely manner after it has been ordered.

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Divorces More Frequently Include Pet Custody Battles

Posted on March 7, 2012 by admin

According to a CBS News article, a study conducted by divorce lawyers indicated that the number of pet custody cases is consistently increasing. Although the research was conducted in 2006, it revealed that pet custody disputes in divorce cases become much more common from 2001 to 2006, and experts believe that their numbers have likely continued to rise in 6 years since the study was conducted.

Many times, judges will award pet custody to the spouse who has physical custody of any children involved in the divorce. Per the article, pet custody can become a bigger issue when childless couples divorce. The parties are emotionally invested in their pet’s well-being, and there are no laws and little precedent governing custody or visitation for pets. Sadly, pets are sometimes used as pawns in divorce cases and have been harmed by disgruntled spouses. However, laws are slowly changing to accommodate the important role that pets can play in families. Several states, including Illinois, have enacted laws that allow pets to be included in domestic violence restraining orders. One divorce attorney quoted in the article stated “judges are viewing (pets) more akin to children than dining room sets.”

Several divorcing couples mentioned in the article have managed to work out shared custody arrangements for their numerous pets. Ideally, a divorcing couple can come to a pet custody agreement without court involvement. A skilled Wheaton, Illinois divorce lawyer can facilitate negotiations between the parties, thus saving divorcing couples money (and time) otherwise spent on divorce court proceedings.

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Insurance Concerns When Divorcing

Posted on March 5, 2012 by admin

Emotional implications aside, divorcing is complicated. Getting divorced often means having to divide up property and debts, make child support arrangements, and handle any alimony or child support issues. Divorce also has numerous insurance implications. A recent MSN Money article highlights the top insurance concerns of divorcing couples.

Life Insurance

If you hold a life insurance policy, there’s a good chance your soon-to-be-ex is listed as the beneficiary. You’ll probably want to change this. If you’d like to ensure that the money be routed to your minor children, consider setting up a trust to be the beneficiary.

 Homeowner Insurance

If you’re not selling the marital home, be aware that both spouse’s names will continue to be on the homeowner’s policy unless it’s changed. According to an insurance expert, if both of your names will remain on the mortgage lien, the insurance should stay in both party’s names. If you’re moving into a separate apartment, you’ll still need to obtain a renter’s insurance policy even if you continue to be on the homeowner’s policy.

 Health Insurance

If you’re under your spouse’s health insurance and are getting divorced, you’ll likely be able to continue coverage for 36 months under the federal insurance program known as COBRA. Yet COBRA coverage is expensive, so unless you have a preexisting condition that could make it difficult to obtain another policy, research and price out other options.

 Car Insurance

The main car insurance that impacts divorcees is improper timing between the end of a previous policy and the start of a new one – it’s key to make sure a new policy is active before your old one ends. You may also want to budget a few extra dollars for car insurance, as you’ll lose any multi-car discount when you and your spouse no longer share car insurance.

If you have questions about divorcing and insurance, contact an experienced Lake County, Illinois, divorce lawyer to discuss your concerns.

(Image courtesy of: David Castillo Dominici)

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Barry Sanders Files for Divorce From Wife of 11 Years

Posted on March 4, 2012 by admin

Inducted into the Hall of Fame in 2004, former professional football player Barry Sanders is widely regarded as one of the best running backs to ever play the game. Sanders spent 10 years playing for the Detroit Lions before retiring in 1998. While in Detroit, Sanders met TV anchor Lauren Campbell, and the couple married in 2000. However, according to The Detroit News Sanders will soon be joining the long list of divorced former professional athletes, as court records show that he recently filed for divorce from his wife of 11 years.

Barry Sanders

The couple have three young sons together, ages 4, 8, and 10. Per the News article, Sanders is seeking joint custody of the kids, and stated in the court documents that he will pay child support according to Michigan law. However, he’s asking that his wife be held responsible for his son’s medical bills and the cost of their health insurance.

The division of marital assets and debts is an issue in nearly every divorce, and it becomes even more important in high asset divorces such as the Sanders’. While the couple most likely signed a prenuptial agreement, the fact that Barry Sanders married his soon-to-be-ex wife after the conclusion of his football career – and the earnings that came with it – could make this divorce case particularly complicated. While the Sanders’ are surely both represented by top divorce attorneys, high-quality attorney representation isn’t a necessity only in high stakes divorces. If you’re divorcing in Chicago, hiring an experienced Hinsdale divorce lawyer is vital to ensuring that your divorce proceeds in a fair and just manner all-around.

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Child Custody in Illinois Divorces

Posted on February 29, 2012 by admin

When a couple with children divorces in Illinois, their child’s well-being is likely on of their top concerns. Luckily, Illinois courts also place a high priority on the emotional and physical well-being of the children involved in Illinois divorce cases.

Many times, the divorcing couple can agree on child custody arrangements without court intervention. However, If a custody agreement cannot be reached, the court will determine custody and visitation based on the child’s best interests, and issue an order that requires the parties to comply.

It’s important to note that the court does not consider marital misconduct when making custody determinations. For example, the fact that your spouse cheated on you is irrelevant in terms of a child custody decision.  When determining what custody arrangements are in the child’s best interest, Illinois courts take many factors into consideration, including:

  • The opinions of both of the parents as well as the child
  • The child’s relationship with both parents as well as any other relevant individuals
  • The child’s attachment to his current home, community, and school
  • Any past physical violence or threats of physical violence; any ongoing abuse
  • Whether or not either parent is a registered sex offender
  • The mental and physical health of all involved parties

In many cases, it’s easier on all involved if the divorcing parents can come to an agreement on their own. A skilled Oak Brook divorce lawyer can help facilitate child custody discussions to increase the likelihood of an out-of-court resolution – saving time, money, and stress for all involved.

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Is it Possible to Have a Peaceful Divorce?

Posted on February 28, 2012 by admin

One expert thinks so. In an article for The Huffington Post, psychotherapist and author Ashley Davis Bush outlines steps that you can take to make your divorce as conflict-free as possible. These include common sense – yet effective – tips such as letting go of your relationship, realizing that (no matter the circumstances) you played a part in the reasons for the divorce, and looking at the big picture as far as your divorce’s role in your life. Although nearly every divorce will involve some degree of conflict, an increasing number of couples – especially those where there are children involved – are making real efforts to keep their divorce as harmonious as possible.

Perhaps this correlates to the rise in a relatively new phenomenon – the divorce party. While divorce parties may have previously taken place as a night out for a divorcing woman and her friends, that’s no longer the case. An increasing number of couples are throwing a joint soiree celebrating their divorce. Consider the former Seagram CEO Charles Bronfman or White Stripes musician Jack White, who both held divorce parties with their soon-to-be-exes last year.

Even in the most friendly of divorces, it’s usually best to obtain representation by a skilled Wheaton, Illinois, divorce lawyer. An experienced McHenry county divorce attorney will recognize that an amicable divorce is best for all involved, and will make suggestions and recommendations that enforce this. Yet they can also ensure that all terms of the divorce are fair and reasonable for all involved.

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Is Divorce Hereditary?

Posted on February 26, 2012 by admin

Statistics have shown that children of divorced parents are more likely to get divorced themselves. One study showed that a married couple where one spouse has divorced parents has twice the likelihood of ending up divorced, while a couple where both spouses come from broken homes are three times as likely to divorce. Researchers have typically attributed this to societal and lifestyle factors, but new research reported in the UK’s Daily Mail indicates that there could be a genetic predisposition to divorce.

Illustration of DNA

Medical researchers in Sweden studied a specific gene that’s responsible for processing the “feel good” hormone oxytocin, and found that women carrying a certain variation of this gene are less likely to marry, and if they do get married, are 50 percent more likely to get divorced. The partners of women carrying the A-allelle gene were also more likely to report dissatisfaction with their relationships. The scientists believe that this gene variation affects the way these woman process oxytocin, which could cause problems with bonding and feelings of love. According to the article, the same researchers previously discovered a so-called “male divorce gene,” which affects the brain’s processing of a chemical called vasopressin – potentially causing problems with commitment and faithfulness.

Of course, the presence of these “divorce genes” doesn’t guarantee that a marriage won’t make it, and the lack of them doesn’t mean a couple won’t get divorced. If you’re filing for divorce, handling things properly from the very beginning of the divorce process can make your divorce proceed as smoothly and conflict-free as possible. Contact a Schaumberg divorce lawyer to discuss your situation as soon as you make the decision to divorce. . Read more:

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Social Media and Divorce Cases

Posted on February 25, 2012 by admin

In this so-called “Facebook-era” it’s no surprise that social media is playing a significant role in divorce proceedings. In one controversial Ohio case, a Cincinnati man discovered that Facebook postings can have serious legal ramifications when it comes to divorces.

According to USA Today, freelance photographer Mark Byron was ordered by a Hamilton County judge to either spend x days in jail or post an apology to his soon-to-be-ex wife – for 30 days straight – on his Facebook page.

Byron’s wife had previously accused him of verbal and threatened physical abuse. Although he was exonerated from those charges, the court issued a protective order that required he refrain from activities that caused his wife to suffer “physical and/or mental abuse, harassment, annoyance, or bodily injury.”

In November of 2011, Byron posted a Facebook status update that essentially said his wife made unsubstantiated claims against him that prevented him from seeing his son – and insinuating that the court played into her accusations. When the court learned of his update the judge issued him the choice of either jail or the Facebook apology. He chose the latter.

Many, including free-speech expert Jack Greiner, question whether or not the sentence was a violation of Byron’s first-amendment free speech rights. The outcome has yet to be seen, but there’s no denying that social medial issues in divorce cases will only become more prevalent.

If you’re considering filing for divorce, hiring an experienced Lombard divorce lawyer as soon as possible can decrease the chances that you’ll make an unintended blunder that could have significant ramifications in your divorce proceedings.

(Image credit: Master isolated images)

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