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

Judge allows same-sex couple to divorce

David M. Gabriel & Associates

While more states have legalized same-sex marriages, gay couples whose marriages have fallen on hard times continue to find it difficult to legally divorce their spouse. The problem is that some states feel by permitting a same-sex divorce, they are by default acknowledging same-sex marriage. For example, two women who were married in Massachusetts later moved to Texas, a state that does not recognize same-sex marriage. When the women began divorce proceedings in February 2011, Texas’ general attorney, attempted to stop the judge from allowing their dissolution. His motion stated that because Texas has a constitutional ban on gay marriage, the judge did not have the authority to grant a divorce. The motion was later thrown out by the judge because it was not filed in a timely manner. In a more recent case, two men who were married in New York on September 2011, filed for divorce in Ohio. Ohio, like Texas, does not recognize same-sex marriages and civil unions per a 2004 constitutional amendment. A Columbus judge signed off on the couple’s divorce. Again, the judge hearing the men’s case was met with an onslaught of criticism — called “rogue” by one man in an email to the Columbus Dispatch, a local newspaper. The attorney for one of the men in the case defended the judge’s decision to hear and approve the divorce; stating that Ohio’s constitutional amendment applies only to same-sex marriage and says nothing about same-sex divorce. Ultimately, the real hurdle lies in the fact that

Boston father’s obligation to pay upheld by courts

David M. Gabriel & Associates

If a woman gives birth to child after she and her husband separate, the husband can still be held financially responsible for the baby. This was the case of a Massachusetts man whose estranged wife gave birth to twins after an in-vitro fertilization involving donor eggs and donor sperm. According to court reports, in 2001, the wife threatened to “withdraw her support for his citizenship application” unless he consented to the procedure. The husband agreed to the IVF procedure provided that she signed an agreement that he would not be have to pay child support for any children she gave birth to. The couple separated shortly thereafter. The court ruled that the father was still financially responsible for the children, twin girls born in 2003. While the in-vitro procedure took place the couple after was separated, the decision to have the children occurred while they were still together. The Massachusetts Appeals Court said, “Simple consent to the procedure is enough to confer parental status.” It is wise for fathers to understand their rights when it comes to having children. This includes whether they will be required by law to provide financial support them even when they are no longer in a relationship with the children’s mother. Some divorce attorneys specialize in different types of family law, including paternity and child support. In this case, the man would have benefited from legal advice before continuing to give his consent to his wife’s in-vitro fertilization treatment. This case began in 2006 when

Boston residents watch other states’ same-sex marriage trends

David M. Gabriel & Associates

A news story on the minds of Boston residents this week is the newest win for gay rights activists in the neighboring state of New Jersey. In fact, the upcoming decisions made in these other states matters when gay couples move from one state to another in the U.S. This is particularly important as more states recognize same-sex divorce along with marriage rights. Right now, six states, including Massachusetts, recognize same-sex marriages. This New Jersey development comes as more states grapple with what legal rights to award non-traditional couples. According to a Reuters’ report, the legislature in New Jersey legalized same-sex marriage earlier this week. Next, the New Jersey gay marriage bill goes to the governor, a person who could be considered for a vice-presidential bid later this year. Governor Chris Christie, a Republican, has promised to use his governor’s veto on this bill. This may be a setback for gay rights in New Jersey. The vote was passed in a majority of 42 to 33. However, Boston readers should note that the two chambers of the state assembly do not have the two-thirds majority of votes that would be required to override a gubernatorial veto. In related news, Maryland’s House of Delegates postponed until late Feb. 16 a debate on the “Civil Marriage Protection Act,” which has the sponsorship of the liberal governor, Democrat Martin O’Malley. This bill already passed with enough votes in two committees, but not the entire House. Gay rights activists are also watching the progress

Same-sex divorce bill in D.C. closes unfair loophole

David M. Gabriel & Associates

Massachusetts residents may be interested to know that pending legislation in the District of Columbia is designed to offer protection to same sex couples who married in the District and want to divorce, but now live in a state that does not recognize the marriage. To date, in addition to the District of Columbia, six states allow same-sex marriage. The proposed bill is titled the Civil Marriage Dissolution Equality Amendment Act of 2011 and is expected to come to a vote in early 2012. In effect, it allows same-sex couples no longer living in Washington, D.C., to process their divorce there under certain conditions. Previously, the law required that one party to the marriage live there for at least six months prior to filing for divorce. The bill was cosponsored by eight of the D.C. Council’s 13 members. It is considered necessary because states that do permit same sex marriages have no mechanism for providing a divorce between a couple lawfully married in another jurisdiction. For the law to apply, the couple must have been married in the District. Since so few states currently provide for same-sex marriage, the District of Columbia appears to offer an important safeguard for those wishing to divorce. The law in this area is constantly changing, and those affected would likely benefit from consulting an attorney experienced in family law and procedures as they apply to same-sex marriage. In enacting the proposed legislation, the District will be closing a loophole that seemingly leaves some same-sex

No divorce marriage: Gay couples challenge Texas divorce law

David M. Gabriel & Associates

What defines “marriage”? The Texas Supreme Court has to evaluate that very question. They are charged with the task of deciding whether they ought to continue defining marriage as the union between one man and one woman. In essence, theirs is the task of deciding whether or not gay marriage ought to be legal in that state. Currently, two cases involving same-sex couples who married in Massachusetts and filed for divorce in Texas are before the courts. Because gay marriage is illegal in Texas, it is also illegal to divorce a same-sex couple in that state. Texas courts can declare the marriage void, but they cannot grant a divorce — at least not yet. The two couples married in Massachusetts are pushing for change in Texas. However, for a gay divorce to be granted, the state would have to recognize that the marriage was valid in the first place. In 2005, a constitutional amendment that defined marriage as the union of one man and one woman was approved by 76 percent of Texas voters. The Texas Family Code also similarly defines marriage as the union of one man and one woman. Because of those definitions, Texas courts can only grant divorces in cases where the marriage fits into those parameters. Therefore, same-sex couples do not qualify either for marriages or divorces. Same-sex couples’ rights have been a hot topic across the United States in recent years. It is a polarizing issue that has caused heated debate. Laws are not static;

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

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

divorce

Divorced man stuck with Madoff-scheme losses

Judge allows same-sex couple to divorce

Boston father’s obligation to pay upheld by courts

Boston residents watch other states’ same-sex marriage trends

Same-sex divorce bill in D.C. closes unfair loophole

No divorce marriage: Gay couples challenge Texas divorce law

High net-worth divorce two decades in the making

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

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Categories

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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