Friday, December 27, 2013

Tax liabilities may be especially important in high-asset divorce

At times, making the decision to divorce may be particularly challenging. Once couples reach the point that they are ready to split, however, there may be an inclination to rush to the finish line without considering the wide range of consequences associated with getting divorced. As such, it may be particularly important to accurately assess the impact of divorce as the process moves forward.

One thing that spouses might not immediately consider is that there are potential tax consequences for transferring assets between divorcing spouses. In high-asset divorce cases, the tax burden could be significant.

Tuesday, November 19, 2013

Father looks to regain custody in international dispute

Father looks to regain custody in international dispute

Anyone who has been through divorce knows that proceedings can become especially emotional when discussing matters of child custody. Of course, both parents probably agree that custody and visitation decisions should be made to protect the interests of the children, but it can be hard to find points of agreement when caught up in negotiations.

In the midst of custody disputes, parents sometimes make unfortunate choices. This is what appears to be happening in the case of a Colorado father who is trying to get his children back from Argentina. The man's ex-wife defied custody orders by taking the children and removing them from the United States.

About four years ago, the man and his wife were trying to settle their divorce on civil terms because they knew it would be best for their young children. However, the wife falsely accused her husband of being abusive to gain the upper hand during proceedings. As it turns out, the family law judge determined her claims of abuse weren't true and he awarded the father primary physical custody.
Only weeks after the judge's order was handed down, the mother ignored it and took the two kids to Argentina. Now, the man is looking to have his parental rights upheld, but he has to deal with the complications presented by international law.

Thankfully, both the United States and Argentina have signed onto the Hague Convention, which provides guidance in cases of international abductions and custody disputes. Though the case might be covered by this international legal convention, regaining custody in these circumstances is not a simple task.

Of course, not every couple deals with this kind of situation when adjusting to child custody orders. Still, it might be challenging for parents to come to terms with each other. This is why it can be helpful to determine what legal options exist and work with an experienced attorney to reach a mutually beneficial arrangement.

Source: The Huffington Post, "Dennis Burns Waits For Argentinean Supreme Court To Rule On Return Of Abducted Daughters," Nov. 12, 2013

Saturday, September 28, 2013

What must be considered when completing a high-asset divorce?

high_asset.jpgDivorce is usually a very complicated process. Not only does each spouse need to sort through emotions, but they also have to consider how they want their assets divided. Although every divorce involves a division of marital assets, some couples face particularly convoluted negotiations in this regard. When dealing with a high-asset divorce, each spouse may have different ideas about how property should be split, which can create some difficulty as they try to reach a settlement.
In many cases, couples may prefer to settle their property division questions outside of court. Rather than leaving the court to settle asset division, it may be preferable to reach an agreement that meets both spouse's needs while still addressing the complexity of their jointly held assets.

When reaching a settlement after ironing out differences, one spouse may be required to sell or shift assets to adhere to the terms of the divorce. Not long ago, CEO Hubert Joly needed to sell a large share of his company's stock to settle with his ex-wife. Readers are likely familiar with Joly's company, electronics retailer Best Buy, which has locations in the Atlanta area. Reports from CNN Money indicate that Joly sold about 20 percent of his stake in the company in order to provide $16.7 million for his divorce.

Joly took the reins at Best Buy when it was struggling. Although the company still experienced some challenges in the months immediately after he became CEO, the stock's value has tripled this year under Joly's leadership. As such, issues of asset valuation likely became the subject of discussion during his divorce proceedings. The shifting worth of Best Buy's stock could have complicated how and when the marital estate was valued.

Many aspects of divorce are confusing. However, couples shouldn't feel like they can't overcome those obstacles. Seeking trustworthy advice can go a long way in trying to reach an equitable divorce settlement.
Source: CNN Money, "Best Buy CEO dumps large stake to pay for divorce," Chris Isidore, Sept. 11, 2013

Wednesday, February 13, 2013

What is a Guardian ad Litem

"Guardian Ad Litem Defined" From Cathy Meyer,Your Guide to Divorce Support.

The Guardian Ad Litem, for the purpose of pending litigation puts themselves in the shoes of a legally incompetent person such as a minor child. The Guardian Ad Litem invistigates all issues associated with the case they are assigned to and files a report with the court.

Guardian Ad Litems are usually lawyers or mental health professionals, depending on the court and the circumstances. They investigate the matter, use their own judgement in determining what is in the best interest of the child, and report their findings and recommendations to the court. In contested custody and visitation cases, courts frequently appoint a Guardian Ad Litem for the children.

If you have a case in the court that requires a Guardian Ad Litem, treat him/her professionally. Return phone calls and try to be as cooperative as possible. 

It isn't easy having an outsider poking their nose into your business but, at times it is necessary. It is imperative that you get past any negative feelings or resentments you have about the situation because the impression you make on the Guardian Ad Litem could have a lot to do with the outcome of your case.To not put your best foot forward will only hurt your children.