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Divorce is a life changing event. Moving on after divorce is challenging regardless of your circumstances. A significant part of this challenge is making sure that you are separated from your former spouses’ financial obligations. Credit card companies do not have to and most of the time will not remove a signed party from an obligation to a debt. For this purpose it is important that couples close all joint accounts. Typically, creditors such as credit card companies will allow a party to close an account and open a new account in his or her own name and transfer the amount agreed in the divorce to the new account. This of course depends on the individual’s credit. What if you agreed to deed the marital home to your former spouse, does this terminate your obligation on the mortgage? In order to terminate your obligation, your name must be removed from the mortgage, not just the deed. In order to accomplish this, it is important that your former spouse refinance and remove your name from the mortgage obligation. These are just a few examples of issues that need to be addressed after a divorce. An experienced matrimonial attorney will address these issues with you. Contact an experienced attorney at Iandoli & Edens, LLC today at (908) 879-9499. We are here to protect your rights.
In a divorce, businesses are treated as assets and subject to division between the parties. Obviously, the party who owns the business usually continues to operate it, but will typically owe the other spouse money or a credit against another asset for his or her spouse’s marital share of the business. Owning a business during a divorce usually requires (1) that the value of the business be ascertained; and (2) that the spouse’s share be determined. The value of the business is usually determined by a forensic accountant trained and qualified to conduct business evaluations. The other spouse’s share of the business is usually negotiated.
To learn your rights about a business interest during a divorce, call one of the attorneys at Iandoli & Edens at (908) 879-9499.
Have you recently been laid-off from work or received a drastic decline in salary? Are you having trouble meeting your child support or alimony payments due to the substantial and permanent change in your financial circumstances? Do you feel as if there is no place to turn?
There is no need to stress about your financial worries when you can file an application to decrease support with the Court. Although the Court system is there to review your case, there is a two-step process you must first complete before a Court will entertain any downward modification in support.
First, you must submit an application disclosing your dire financial position. The application should be complete with documentation and financial information to aid the Court in analyzing your financial circumstances. The Court can only grant your application if you successfully show a prima facie case for modification. The Court must be satisfied that you fulfilled the first step by successfully illustrating an involuntary change in circumstance that has permanently and substantially impaired your ability to fulfill your financial support obligations. In the event you are unable to meet this criteria, your application will be denied. Consequently, it is important to utilize the services of an attorney who understands and is familiar with the legal criteria needed to help you proceed to level two.
After the Court finds you have established a prima facie case for modification, the next, and final step, is scheduling a final hearing to determine the extent of your financial circumstances. Prior to advancing to the final hearing however, many Courts will first require that you exchange discovery, such as Notice to Produce Documents and Request for Interrogatories, with the opposing party. You may need to submit to oral Depositions. The Court may also require that you participate in alternative dispute resolutions, such as mediation or attend an Early Settlement Panel to help settle the matter without further use of the Court’s resources. In the event you are unable to settle your matter, after witness testimony and the presentation of evidence, the Court will evaluate your matter to determine the extent of the change in your financial circumstances.
Contact an attorney at Iandoli & Edens, LLC to learn more. We are experienced attorneys equipped with the proficiency you will need to get you through a change in circumstance application. Do not delay any longer. Call today. 908.879.9499.
The 1st day of spring has come and gone!
What about those New Year’s Resolutions that you made to help you get through your divorce? Are you sticking to them? Now is a good time to re-evaluate your personal expectations for 2012 and where you see yourself headed. Are you taking the right steps to get where you want to be in life?
It’s important to answer these questions when you are enmeshed in divorce litigation. Divorce ranks second on the scale of life’s stressors. In fact, Divorce Stress Syndrome is now a common buzzword, and can manifest itself through panic attacks, insomnia and many other physical problems. Popular resolutions are to eat healthier, exercise, and enjoy time with friends. You should be taking care of yourself, emotionally and physically. By doing this, you will be better equipped to attend to your children’s emotional and physical needs. Are you following through with your resolution? Give yourself a status check!
If you or someone you know is going through a divorce, contact Iandoli & Edens, LLC today. We are here to help you in 2012 – just as we have for the past 18 years.
Join us for our Economic Consideration in Divorce Seminar!
This seminar will also include topics regarding Alimony, Child Support, and Equitable Distribution.
Where: Morris Hills School of Adult & Continuing Education
Date: Tuesday, April 10, 2012
Time: From 7pm until 9pm
Register Information: Morris Hills School of Adult & Continuing Education at (973)-664-2295
We hope to see you there!
In New Jersey, as in many other states, marital fault is not considered by the courts when making financial awards, either alimony or equitable distribution. In other words, even though your spouse may have cheated on you or otherwise acted inappropriately during the marriage, you will not be able to receive additional marital compensation based on that fact alone. The only exception is what is called a Tevis claim where a spouse can ask for monetary damages for physical or emotional abuse. These claims are treated as a personal injury claim by the court.
To overcome this, many couples are building these claims into their prenuptial agreements, asking for specific monetary relief if their spouse commits a certain act. For example, reportedly, pursuant to Denise Richards and Charlie Sheen’s prenuptial, either party would receive $4,000,000 if the other committed adultery.
A prenuptial can also be quite a bit more one sided. It is reported that according to Michael Douglas and Catherine Zeta-Jones’ prenuptial, Catherine would receive $5,000,000 should Michael Douglas cheat on her.
Although it appears most common that married people feel they should be financially compensated for infidelity, prenuptial agreements can address other types of marital fault as well. It is written that Nicole Kidman and Keith Urban’s prenuptial states that if Keith does any illicit drugs, he will forfeit the other provisions in the prenuptial that provide for him financially should they divorce.
To talk to an attorney experienced in preparing prenuptial agreements, contact one of the lawyers at Iandoli & Edens at (908) 879-9499.
There are special tax issues which pertain to couples who are seeking a separation or divorce. The first issue is whether to file jointly or separately. If filing separately, the question becomes who gets to claim the children, the deductions for the home mortgage interest, real estate property taxes, market losses, etc. If seeking a final divorce, the issue becomes who will claim those deductions. Additionally, while you are negotiating alimony, keep in mind that alimony is usually taxable income to the person who receives it and a deduction for the person who pays it. If you are addressing any of these issues, be sure to contact a knowledgeable attorney who can assist you with these issues. Contact Iandoli & Edens, LLC at (908) 879-9499.
When is an agreement reached? Can an agreement be reached before the Marital Settlement Agreement is signed by both parties? Are verbal agreements binding (i.e. legally enforceable) when they arise during conversations at home, during conferences with attorneys, or at mediation?
What if one party believes that an issue or the entire case is settled and the other party denies that an agreement exists? Then what? Evidence of an agreement would certainly be helpful to your position.
If you or someone you know is in this type of situation, it is very likely that you have heard the term “Harrington Hearing”. Typically, the spouse whose position it is that a settlement agreement exists will likely seek relief from the court in the form of a Harrington Hearing. A Harrington Hearing is a court hearing consisting of any and all testimony and evidence relevant to whether an agreement exists.
There are ways to avoid a dispute over whether an agreement exists. As a practical matter, the best evidence is when the terms of a settlement are typed or written onto a document that bears both parties’ signatures. Many times, attorneys put settlement terms on the record when an agreement is reached at court. In addition, most mediators advise their clients that settlement is not final until the parties have agreed to the terms outlined in the Mediator’s Memorandum of Understanding.
A family law attorney can be extremely helpful in these types of situations because he/she will know when and what to put on paper. Is it wise for you to piecemeal your settlement or only settle your case from a global perspective? Our firm can help. Call us at (908) 879-9499 to schedule a consultation.
There is always something happening in Newark, New Jersey so I knew this morning would be no different. I opened the heavy chamber doors and entered the Judge’s courtroom. Waiting for my case to be called, one could not sideswipe the fact that the courtroom was packed – like Kim Kardashian’s Louis Vuitton suitcase. The Judge was on the bench illuminating his vibrant personality – as always, he would not disappoint this crowd today. This particular brisk and sunny morning was notably more memorable than others. There were far more people sitting past the bar, which elevated interest right away to anyone who was fortunate enough to be a part of the audience.
At first, it appeared to be your usual cast of characters. There was the wife siting to the right. She was strikingly beautiful and appeared surprisingly composed. Her attorney, who sat immediately to her right, appeared relaxed, poised but noticeably bothered. There was an interpreter, repeating every word to the wife in Spanish. The interpreter whispered, “Es un regalo y nada mas.” Her attorney argued, “Judge, the father-in-law gave the parties the money. It was a gift, Judge. My client will not repay monies which will serve only to unjustly enrich the Defendant.”
The Judge’s eyebrows elevated far into his hairline. “Defendant certifies to this Court that the monies were a loan. He certifies he must repay this money to his father. Your client would, as a result, be unjustly enriched, counsel. This would not be a fair result, contrary to the objectives of the chancery division!”
To my left was the Husband; a robust young man, evidently upset and distraught. His hand met his head several times throughout the hearing; his forehead wrinkled with stress. He gawked at the Judge repeatedly as if to subliminally persuade the Judge he was right. Husband’s counsel was standing with his right arm raised towards the detailed vaulted ceiling, as to call the attention of the One above. A bit dramatic, he was most certainly effective. His theatrical gesture, revealing tone and three-piece Armani suit was fittingly convincing. “You see, Your Honor, the money could not have been a gift, it was a loan. Wife wants to benefit financially from this, Your Honor. She is being greedy. Pigs are greedy. Pigs get slaughtered.” I told you he was dramatic.
The Judge had heard enough. “Do you have a promissory note, signed by both parties? Do you have cancelled checks? Do you have proof of the interest paid or a portion of the base amount paid? No! You don’t! I have nothing before me to indicate this was a loan.”
Everyone in the room understood. This one was not going to be easy.
To complete the cast of characters, to the far left was an elder man, approximately in his late 60s. He had an interpreter lagging with a 15 second delay. The popular senior was allowed to intervene as a third party holding an interest in the outcome of the case. He sat up straight and had his sweaty palms grasped securely on his lap. He was holding onto the Judge’s every word. Next to him was his lawyer who commendably repeated, “It was a loan! It was a loan!”
The Judge continued, “Here is what I will do. I will order that the monies be held in trust for the benefit of the parties’ two year old son to be utilized towards his college degree.” Well, there’s a twist. I could almost hear an applause from the audience; but, then again, that might have just been me witnessing a judge vexing to do the right thing. How beautiful. “If there are any objections to this, I will hear them now.”
Fifteen seconds later, “Alguien en contra …” The elder man raised his hand as high as did the sassy lawyer. The interpreter appealed, “I object. It was a loan and I want to be repaid.”
The Judge sighed and shook his head. He ordered a hearing. The wife and the husband would be required to spend thousands of dollars on a mini-trial for what could have been easily prevented with a simple document evidencing the intent of the parties.
Distinguishing whether monies were intended to be a gift or a loan can be costly to both parties. We can help you gather the information you need to prove your case. Contact an attorney at Iandoli & Edens, LLC to learn your rights. We are here to help. 908-879-9499.
Ending a marriage is never easy. It is a process that often involves not only financial, but also emotional strain. However, it is possible to prepare for your divorce. The best preparation is having knowledge of your family’s finances. Often in a divorce case one spouse is at a disadvantage because he or she did not handle the finances during the marriage due to other responsibilities. If you are considering divorce, it is an essential first step to gather as much financial information as possible. Important documents to obtain include, but are not limited to, income tax returns, bank records, credit card statements as well as retirement and investment account statements. It is a good idea to make a list of your assets and debts prior to consulting with an attorney. It is also crucial to be aware of your monthly budget, which will help determine your financial needs. In order to best assess your budget begin retaining a copy of all bills and receipts for your expenditures and track your expenses each month.
The next step is to consult with a matrimonial attorney who specializes in family law. An experienced family law attorney will not only be able to navigate you through the legal process, but he or she can also effectively deal with the added emotional component that is inevitably part of the divorce process. The attorneys at Iandoli & Edens dedicate their practice exclusively to representing individuals with family law issues. Our attorneys are here to help you through the divorce process. Please call us at (908) 879-9499 to schedule an initial consultation.
