Posts tagged "marital assets"

Can a judge order that a retirement account be divided equally between the parties as of the date of their divorce if one party made contributions to that account after the parties separated but before the date of divorce?

This issue was examined by the Appeals Court in the recent case, Hoy v. Hoy. In that case, the wife was the primary wage earner during the parties' long-term marriage and the trial judge in the divorce found that the husband was in need of alimony. However, because the wife's income was substantially reduced by the time of the trial, the judge did not order her to pay alimony. Instead, the judge noted that the issue of alimony could be brought back before the Court and modified at a later date and ordered the wife to provide the husband with notice if her income increased by more than 5%. Additionally. the judge awarded the husband slightly more than half of the marital assets, including half of the wife's retirement accounts accrued over length of the marriage and more than half of the proceeds of the sale of the marital home.

Motion for Counsel Fees Pendente Lite

All clients involved in litigation need money to pay their counsel's legal bills, which include the initial retainer fee, fees incurred during the pendency of the litigation, and often replenishing the retainer fee. A client obtaining a divorce, however, has a unique problem in that they are precluded from dissipating marital assets -- i.e., using marital assets for their own use when the marriage is coming to an end and with the intent of depriving the other spouse of his or her fair share of the marital estate. Although the payment of reasonable counsel fees is not a violation of the automatic financial restraining order under Rule 411, even in the absence of a motion for counsel fees pendente lite, using joint marital assets to pay one party's counsel's fees reduces the total amount of the marital estate, thereby depriving the other spouse of their fair share of equitable distribution of all marital assets at the conclusion of the case.

A 'Well-Heeled' Divorcee and Mandatory Self-Disclosure

Beth Shak, a famous World Series of Poker player and aficionado of expensive, designer shoes, who has been featured on MTV Cribs and Millionaire Matchmaker, is in the news again, and she gives us food for thought regarding Mandatory Self-Disclosure and Financial Statements in divorce cases.

  • Best Lawyers | Best Law Firms | U.S. News and World Report | 2021
  • Super Lawyers
  • Best Lawyers | 2020
  • Preeminent AV | LexisNexis Martindale-Hubbell Peer Review Rated For Ethical Standards and Legal Ability