Divorced man stuck with Madoff-scheme losses

David M. Gabriel & Associates

Divorced couples in Massachusetts may believe their final court order settles everything. At the end of the dissolution process the court attempts to ensure that there has been an equitable distribution of assets. However, the court order is not always the end of the line for divorced spouses. A divorced spouse may hire an attorney and bring a matter before an appeals court when something changes in the case. An ex-spouse might believe there is a substantial change in information about assets that were divided and hire a lawyer to take a new action, such as seeking relief from an appeals court. Such was the case in a New York appeals court. A recent media report summarized how a panel of six judges for the New York Court of Appeals ruled in a divorced man’s high asset divorce case. He argued that he and his wife both made a mistake in believing their $5.4 million investment in a Bernard Madoff fund was valid. A panel of six judges discarded the man’s claim that his ex-wife should return $2.7 million she had gotten in “an equitable distribution of property” in their divorce. The man, an attorney, must now live with the financial losses that his Madoff investment incurred. The fund went bankrupt only two years after the couple’s divorce was finalized. The judges decided that the divorced man could have made the decision to cash in his investment in the Ponzi scheme before the financial troubles in 2008. Also, his ex-wife

Vanessa Bryant scores big in her divorce from Kobe Bryant

David M. Gabriel & Associates

A recent article discusses the high-asset divorce of Kobe Bryant from his soon-to-be ex-wife. As Massachusetts residents know, divorce settlements can be tricky. Even so, the process has been a financial success for the basketball player’s former partner. According to reports, Vanessa Bryant will come away with three Newport Beach mansions. However, the homes are just a portion of it. A source says that she will receive around $75 million in the divorce settlement. This is half of the couple’s high net-worth. The celebrity couple did not have a prenuptial agreement. Because California is a community property state, Vanessa may have a right to half of Kobe’s earnings during their decade-long marriage. The NBA player is reported to make around $25 million this year. In addition to financial matters, the separation contemplated the fate of the couple’s children. Child visitation and custody issues are a recurrent theme in many divorces. The result of arrangements can impact a child’s life. Vanessa requested joint custody of the couple’s two daughters. She also asked for spousal support. In any event, a source reports that the couple recently reached a settlement out of court with help from attorneys. As one can see, the division of assets can be complex–especially in marriages with an abundance of marital property. Also, the separation process can impact the kids’ living arrangements. Fortunately, with legal assistance, Kobe and Vanessa Bryant reached an amicable agreement. If you are struggling with a complicated separation or divorce, you may also want to

High net-worth divorce two decades in the making

David M. Gabriel & Associates

Divorces happen all over the country every day; from Massachusetts to Florida, from the rich, to the not so rich. One high net-worth divorce in New York is making a headline splash all over the world. Rolling Stone magazine’s founder Jane Wenner and his wife of 43 years have divorced. Jane Wenner filed for divorce in the New York Supreme Court last June. The high net-worth divorce comes two decades after Wenner the couple, who are said to remain friendly, separated. But now they have finally signed on the dotted line and gone their legal separate ways with a tight-lipped multimillion-dollar settlement agreement. News of the divorce brought rumors that the Wenner Media publishing company would fold. In addition to the iconic rock music magazine, Wenner’s company also owns Us Weekly, Men’s Journal and Family Life magazines. However, it appears the couple settled everything amicably. The former Mrs. Wenner will reportedly receive a large cash amount. Wenner Media has reportedly made its founder $500 million. The former couple has already placed the company into a trust and will continue to share the profits. The couple’s three children and some nieces and nephews hold ownership interests as well. Since splitting from her husband nearly 20 years ago, Jane Wenner has stayed on as the company’s vice president. She helped her husband found the company in 1967 when he borrowed $7,500 to start his first magazine, Rolling Stone. Since then, Wenner’s empire has grown exponentially. He now owns a 6,300-square-foot home in

Another Hollywood high net-worth divorce is finalized

David M. Gabriel & Associates

As many in Massachusetts are well-aware, divorce often involves a lot of complicated issues that are not easy to resolve. Frequently, there are contentious issues relating to the division of marital property and the equitable division of assets. This is especially true in a high net-worth divorce where the financial assets involved may be exceedingly difficult to unravel. Those involved in or seeking a divorce may be interested to learn that actress Olivia Wilde recently finalized her divorce. The 27-year-old actress married a man with whom she eloped when she was 18. However, the two separated earlier this year after being married for eight years. Additional information concerning what lead to the separation — including if it was for irreconcilable differences or for some other reason — was not available. The divorce was finalized when a Los Angeles Superior Court judge signed the necessary papers in late September. Although a news report did not list any details about the divorce agreement, it presumably involved a complex division of assets. Even over the course of eight years, couples accumulate items such as shared bank accounts and shared residences that are not always simple to split 50-50. However, the difficulty with dividing marital property in an equitable fashion is not limited to just high net-worth divorces. In any divorce in Massachusetts and elsewhere, those involved may well benefit from seeking the advice of an experienced divorce attorney. The attorney may be able to ensure not only that the final divorce agreement is

High net-worth divorce involves X-Men actor

David M. Gabriel & Associates

Massachusetts cinema buffs may be interested to know that couple James Marsden and Lisa Linde recently filed for divorce after 11 years of marriage. Marsden is known for his roles in X-Men and Straw Dogs. His wife is the daughter of Dennis Linde, who was the country songwriter who penned Elvis’ 1972 hit “Burning Love.” Although a representative for Marsden claims the decision is mutual, high net-worth divorces are rarely a clean process. Despite the comments of Marsden’s representative, Linde filed the divorce documents citing “irreconcilable differences.” She is seeking joint legal and physical custody of their two children. They share a 6-year-old girl and a 10-year-old boy. However, even when divorce is based on a shared decision and mutual respect, it often still results in a tangled web of issues. Here, the couple was married for 11 years with two children. As such, the divorce will necessarily involve complex property division and child custody issues. Linde is also seeking spousal support, which may prove contentious. The couple has probably already retained separate legal counsel, which is highly advised in cases like these. An experienced divorce attorney can prove invaluable in a high net-worth divorce due to the complexity of issues involved. The attorney may also be able to ensure that the result is fair and reasonable and in accordance with the wishes of the client. Indeed, any couple in Massachusetts and elsewhere seeking or considering divorce may benefit from consulting with an attorney. Except in a few rare instances,

Dodgers owner’s high net-worth divorce agreement final?

David M. Gabriel & Associates

Seven years ago, Frank and Jamie McCourt moved from Massachusetts to California to buy the Los Angeles Dodgers. At the time, of course, they did not know that a divorce was in their future. But it was. For months now, the couple has been struggling to hammer out the terms of their divorce settlement. On Oct. 17, they finally announced they had reached a settlement in their high net-worth divorce case. Under the agreement, Jamie McCourt will now support a media rights deal for the Dodgers which some estimate could be worth up to $3 billion. At one time, she opposed such a deal. The exact terms of the agreement have not been released, but it is estimated that she could get somewhere in the neighborhood of $130 million. A Los Angeles judge must still sign off on the divorce agreement in order for it to be binding and complete. One reason this high net-worth divorce has taken so long is because it was placed on hold so a Delaware bankruptcy court could take up the financial fate of the Dodgers. Motions on that case began October 31. Major League Baseball wants permission from the bankruptcy judge to file a reorganization plan for the team that would require McCourt to sell the team. This particular divorce illustrates how complex a divorce can become when there are high-net value assets to be considered. Couples who have real estate holdings, stock options, and other valuable marital property often are best served when

Another high net-worth divorce on the horzion

David M. Gabriel & Associates

Divorce can be a complex affair, in Massachusetts and across the country. Actress Laurie Metcalf and her actor-husband, Matt Roth are about to confront a number of important matrimonial issues between them. Roth filed for divorce on September 12 after a six-year marriage, citing irreconcilable differences. One important issue in this high net-worth divorce may be child custody, as Roth has requested joint physical and legal custody of the couple’s three children. The former “Roseanne” star has many movie credits, as well as three Emmy Awards. She has also appeared on “The Big Bang Theory” and “Desperate Housewives.” Roth has most recently starred in the new television series “Private Practice,” with other notable appearances to his name as well. Although it is always unfortunate to hear about a couple seeking a divorce, it should also be put into perspective. Current statistics continue to show that more than half of all marriages result in divorce, and there is no shame in ending a broken marriage. There are times when a couple simply realizes they cannot live together any longer. Instead of living together in dissonance, they choose to make the move towards a formal dissolution of their marriage and a division of their marital property. Often, high net worth divorces make headlines, as they involve extraordinary sums of money or property. A Massachusetts attorney experienced in all aspects of divorce law, including complex property division and tax considerations, may assist in protecting legal rights and fighting for a fair and equitable

Complex property division at core of high net-worth divorce

David M. Gabriel & Associates

There are many instances of divorce where complex property division issues arise. This is especially the case where the individuals involved are part of a high-profile couple. Regardless of whether the divorce is filed in Massachusetts or anywhere else, the fact is that the more assets there are, the greater the disputes and the more complex the property division issues. A recent example comes from the pending divorce of Frank and Jamie McCourt. Frank McCourt is the owner of the Los Angeles Dodgers. He claims sole ownership of the team, although his wife says it is community property and as such, she believes she is entitled to half its value. That issue is yet to be decided, and the ultimate question of the outlook of the Dodgers will have to await a separate bankruptcy determination regarding the baseball franchise. A prolonged battle concerning the complex property division disputes is anticipated and a divorce trial is expected to start in the spring or summer of 2012. The lawyers have highlighted that, apart from complex property division matters, including two properties in Massachusetts, permanent spousal support and ownership of the baseball franchise remain major stumbling blocks. And all issues concerning the Dodgers hark back to the pending bankruptcy proceedings. This adds to the complexity of the matters at hand with divorce and complex property division, as well as bankruptcy issues overlapping one another. While Frank McCourt hopes to retain control of ownership of the Dodgers, that decision may be taken out of

High-Asset Divorce

Divorced man stuck with Madoff-scheme losses

Vanessa Bryant scores big in her divorce from Kobe Bryant

High net-worth divorce two decades in the making

Another Hollywood high net-worth divorce is finalized

High net-worth divorce involves X-Men actor

Dodgers owner’s high net-worth divorce agreement final?

Another high net-worth divorce on the horzion

Complex property division at core of high net-worth divorce

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High-Asset Divorce

Categories

TAGS

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David M. Gabriel & Associates

Is Ready to Help You

Main Office

Salem Office

Burlington Office

Life Complicated? We Can Help

Life Complicated?We Can Help

Life Complicated?
We Can Help