Divorce

Article Discusses Common Bad Advice Given To Those Facing Divorce :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: September 10, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “How is the amount of child support decided in North Carolina?”

A recent article on CaféMom.com focused on several examples of bad advice that women going through a divorce often hear. The author of the piece says that after she separated from her husband she found herself inundated with unsolicited advice about how to save her marriage.

Though the advice may have been well intentioned, it was usually misguided. Too many people fail to recognize that they will never understand the complicated emotions and actions that go into a marriage and their advice can inadvertently make an already difficult situation even worse.

One example of bad advice for someone facing a divorce is that the couple should simply stay married, that things will get better. This kind of advice is not only wrong, it can be offensive to those facing the end of their marriage, implying that had they simply stuck things out that a divorce would not have been necessary. The fact is that doing the same thing over and over and expecting a different result is the definition of insanity and continuing to stay in a broken marriage will not work to anyone’s benefit.

Another bit of bad advice is when friends of family members suggest staying together for the sake of the kids. The fact is children are remarkably able to adapt to changed circumstances and can easily thrive despite the demise of their parents’ marriage. Children are also not stupid and can tell if their parents are unhappy, merely keeping quiet about your displeasure for their sake will only make everyone miserable.

Best Buy CEO Sells Millions Of Shares To Pay Mounting Divorce Tab :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: September 5, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “How much does it cost to get divorced, and how does the billing process work?”

A recent financial disclosure form by the CEO of Best Buy reveals just how pricey divorce can sometimes be. The Chief Executive of Best Buy, Hubert Joly, announced to the press that he had to sell $10.4 million in shares of Best Buy stock to help fund his ongoing divorce.

According to a report filed with the Securities and Exchange Commission, Joly’s sale of 350,000 shares of stock took place earlier this month. A company spokesperson says that Joly’s sale of stock has nothing to do with a negative outlook on the prospects of the company. Instead, the official said that Joly’s sale was necessary to liquidate some of the CEO’s assets to help pay for a pricey divorce. Despite the sale, Joly remains heavily invested in Best Buy.

Though most couples in North Carolina do not have the luxury of selling millions of dollars of stock to fund a pricey divorce, money is an incredibly common worry about the divorce process, regardless of income. In fact, a recent survey found that among those couples without children who were facing divorce, the cost of divorce was the number one concern. Surprisingly, the cost of divorce rated even higher than worries over dividing marital assets. Among couples with children, the cost of the divorce was second only to worries about child custody and visitation schedules.

So how can people keep their divorce costs from spiraling out of control? First and foremost try and make the divorce less adversarial. In Joly’s case, his split from his ex has been incredibly combative and has stretched on for many months. The fact is simple: the longer a divorce lasts the more expensive it will be. Though no one should simply agree to hand everything over to his or her spouse in the interest of expediency, there is also no reason to fight tooth and nail over every knickknack.

Recent Celebrity Divorce Gives New Meaning To The Phrase “Splitting Hairs” :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: August 22, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “What does uncontested divorce mean?”

In a bizarre case that highlights just how strange some celebrity splits can be, Black Keys guitarist Dan Auerbach and his wife have finalized their divorce. TMZ recently confirmed that the final settlement papers have been filled in Tennessee, bringing to an end a divorce that began in February of this year.

Like most divorce cases, Auerbach’s divorce from his wife, Stephanie Gonis, involved a financial settlement, a division of their marital assets and a child custody agreement. The two had been married for four years and had one child together, a four-year-old girl named Sadie.

According to family court documents, Gonis will walk away from the marriage with a lump sum settlement of $5 million as well as a 2012 Toyota Highlander and one of the family’s two homes. Though the amounts are certainly large, the division of assets, including vehicles and homes, is pretty standard and similar to the process faced by ordinary couples across North Carolina who must divide the assets that were accumulated over the course of their marriage.

Where the Auerbach divorce diverges from the mainstream is in one of the odd personal items that Gonis will receive in the divorce settlement. Appearing in the divorce agreement is a notation for “Bob Dylan Hair.” Apparently the two had purchased an unknown quantity of the famous rocker’s locks and Gonis felt like the hair should be hers.

Four Tips For Divorcing Couples To Avoid Harming Retirement :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: August 20, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “How can an attorney help me with my Divorce or Separation in North Carolina?”

We’ve discussed what’s known as the “gray divorce” trend several times before. Increasingly large numbers of people over the age of 50 have decided to file for divorce, many times more than in previous decades. While this can be a good thing for many couples, those facing divorce late in life face special challenges that young couples do not. Issues like retirement and building back up a comfortable nest egg can be more difficult for these older divorcees than for couples who split while in their 20s.

To help ease what can be a difficult transition for the over-50 individuals facing a divorce, the following are some tips compiled by a writer at Forbes for how to best minimize the financial damage divorce can do to your retirement.

First things first, the author says is to avoid the knee jerk reaction of most people to fight to keep the house. Most people wrongly assume that in a divorce it is better to end up with the home, something that is not necessarily true. Why? Well compared to retirement accounts, homes are far more likely to incur additional and ongoing expenses. Also, the future value of the home is questionable, especially given the recent crash in home values. Also, homes are not liquid assets meaning that people will have a more difficult time extracting value from the home to finance retirement.

Second, those facing divorce should be sure to understand the tax implications of a split on their retirement funds. Any withdrawal of funds from pre-tax accounts like 401(k)s or IRAs will trigger tax penalties. However, withdrawals from after-tax accounts like Roth IRAs are not taxed when the money is taken out during retirement. This means that if a divorcing couple has one 401(k) with a $500,000 balance and a Roth IRA with $500,000, the two are not equal due to the ways that each will be taxed, with the Roth IRA actually being more valuable.

Simon Cowell’s Affair Costs Lover Millions In Divorce Settlement :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: August 15, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “Does adultery affect who gets custody?”

It appears Simon Cowell’s messy relationship with his good friend’s wife can now move forward publicly as Lauren Silverman and her former husband announced that their divorce settlement has been finalized. The split between Lauren and Andrew Silverman, wealthy New York socialites, worked out as many expected (and as we mentioned previously), wrapping up quite quickly.

Andrew named Cowell in his original divorce petition, claiming that his former friend had engaged in an extramarital affair with Lauren that resulted in her becoming pregnant. Rather than file a no-fault divorce, Andrew claimed that his wife’s infidelity was to blame for the dissolution of the marriage, an unusually public rebuke of his wife and former friend. Experts familiar with the case said that the aggressive stance was taken to try and force his wife to agree to a settlement quickly, something which appears to have worked.

The two, who were married for 10 years, have apparently reached an agreement concerning finances as well as custody of their son. In addition to agreeing to share custody of their son, Lauren supposedly walked away with a less than $2 million in a lump sum settlement. While this is a sizable chunk of change, it’s less than half the amount that many expected Lauren to receive when the divorce proceedings began. Most people estimated that Lauren would walk away with more than $4 million given her ex-husband’s wealth.

Important Immigration Clause Raises Questions About Immigrant Divorces :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: August 13, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “What happens when a person’s income is not guaranteed and fluctuates from year to year?”

A recent divorce case in Texas has highlighted a little-known aspect of immigration law that might impact the divorces of recently immigrated individuals across the country in ways they never imagined.

The case, discussed in a Fox News article, concerns Steve Summers, an American citizen, who brought his Mexican-born bride to the U.S. on a fiancé visa. Summers decided to do what millions of other Americans do in similar situations and signed an affidavit that said he would support his wife so that she would not become a “public charge.” Public charge affidavits refer to someone who relies on government assistance to pay for food and meet their basic needs.

Everything was fine while the couple was married, but eventually trouble in the marriage led to divorce. Now Summers says the affidavit he signed is being used against him by his ex-wife who is pushing for alimony. His ex, Evangelina Zapata, is now suing Summers in federal court claiming that he broke his contract to support her at least 125 percent of the federal poverty level.

The case highlights the I-864 affidavit, a common part of immigration procedure that is rarely ever brought up in divorce cases. Experts on immigration law say that many people sign the affidavits without a second thought, usually because they contracts are rarely if ever enforced. However, this rarity does not mean they affidavits are not serious and the fact remains that they contain strict obligations for American citizens who sign them.

Rupert Murdoch’s Wife Appears Ready For A Fight After Hiring New Attorney :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: August 1, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “When do you get alimony?”

Things appear to be heating up in the Rupert and Wendi Murdoch divorce case. Mr. Murdoch surprised his wife of 14 years with divorce papers only a month ago and already Mrs. Murdoch appears to be changing her tactics in the split.

Murdoch initially hired a New York attorney, Pamela Sloan, to represent her in the divorce. Ms. Sloan had worked with Mrs. Murdoch several times in the past; including the first time Mrs. Murdoch signed a prenuptial agreement and again when a second and third postnuptial document was created after the births of their children. Friends close to Mrs. Murdoch say they believe Sloan was too close to Rupert and that Wendi wanted a fresh set of eyes on the case.

Mrs. Murdoch has now hired William Zabel, a well-known lawyer to the stars in Manhattan who represented Jack Welch’s wife in her divorce and handles the estate planning affairs of billionaire George Soros. Experts believe choosing Zabel is a clear sign on Mrs. Murdoch’s part that she does not intend to slip away quietly and will instead fight to receive as large of a piece of Mr. Murdoch’s wealth as possible.

Though it’s true that Mrs. Murdoch signed several agreements with Rupert (one prenuptial agreement and two postnuptial agreements), experts say there are several areas that remain up for negotiation that Wendi intends to take full advantage of. One clear example of such an unsettled issue involves the children, two girls, 11 and 9 years old. In many cases, issues involving child custody arrangements and child support are left out of prenuptial agreements because courts do not view them as binding. As a result, issues involving children are often used in such high profile cases by the less-moneyed spouse as a tool for extracting money that they may have already signed away in previous agreements.

Simon Cowell Named In Friend’s Divorce Filing :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: July 30, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “Does adultery affect who gets custody?”

Simon Cowell has been in the news a lot the past few weeks, though most of the stories have not been about his show, “The X Factor.” Instead, the topic of conversation is Cowell’s affair with his married friend’s wife, Lauren Silverman. The episode is a nasty one and resulted in Lauren’s husband, Andrew Silverman, filing for divorce.

Though New York is a no-fault divorce state, meaning that no one party needs to be found to have caused the marital trouble to justify a divorce, Andrew has decided to file for divorce based on his wife’s extramarital affair. In fact, Andrew took the very unusual step of publicly naming Cowell in the divorce filings. Specifically, Cowell is listed as a co-respondent in the divorce papers.

Because Andrew filed for divorce based on his wife’s adultery, Cowell is now at risk of being hauled onto the witness stand to discuss the exact nature of his relationship with Lauren Silverman. This is something Cowell is likely eager to avoid given that news reports indicate Lauren is currently several months pregnant with Cowell’s child.

Family law experts in New York say that the decision to name Cowell directly in the divorce papers is a surprising one and likely meant to lead to a quick settlement. Many believe that Cowell and Lauren will be eager to avoid continued publicity of their affair and resulting pregnancy and that they will now be more likely to agree to a quick settlement.

North Carolina similarly allows for no-fault divorces, something which can make the divorce process easier and much less hostile. Rather than having to assign blame to one party for the dissolution of the marriage, couples can agree that no one was individually to blame for the marital trouble and the divorce can move along more peacefully. In North Carolina, couples only have to say that they have lived separate and apart for one year

Nashville Woman Wants Divorce Set Aside After Husband Sells Company For $100 Million :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: July 23, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “Can I get the judge to order my spouse to pay my attorney’s fees in a property division case?”

A recent divorce case in suburban Nashville, TN has left one woman feeling duped and is set to reopen an emotional split for still more fighting. The case involves an interior designer named Jamie Beckwith who is seeking to undo a divorce settlement that she signed with her former husband, a multimillionaire commodities trader who she claims lied to her to avoid giving her tens of millions of dollars.

The lawsuit, which was just filed in a Williamson County court, claims that her husband, Larry Beckwith, chose his wife’s attorney and then paid the attorney a $50,000 bonus so that the divorce could be hurried along before he was set to sell his ethanol company for a whopping $100 million. The lawsuit claims fraud, breach of contract and various other illegal actions conspired to defraud Jamie out of her share in the massive sale of her former husband’s lucrative company.

At the time of the divorce Larry owned a majority share in a Nashville biofuel company that had been doing $3 billion a year in sales. Jamie claims to have not had nearly the financial sophistication of her financier husband and agreed to only $6.8 million for her share of the company, payments that were spread out over several years. This represented half of what Larry had claimed was his $15 million stake in the operation.

Larry had made clear that the divorce had to be finalized by the end of 2011, not sharing with Jamie that the reason was his share in the company was about to become much more valuable given the impending sale and a change to laws regarding ethanol exports. Following the change, Larry sold his 80 percent stake in the company for $100 million.

How To Divorce A Bully :: Separation and Divorce Lawyers in Charlotte, North Carolina

Published on: July 18, 2013 | On behalf of Arnold & Smith, PLLC

Attorney Matthew R. Arnold answering the question: “Can any attorney help me with my family law needs in North Carolina?”

A recent article in USA Today discussed the difficulties that can arise when someone tries to divorce a bully. The author of the piece focused on scenarios where one spouse is high-powered and the other often feels powerless, often financially. The author said that to even what can sometimes be an unfair playing field it’s important that the spouse who feels victimized take steps to protect themselves.

The first thing mentioned by the author, Elizabeth MacBride, is that if the bullying ever becomes physical you must extricate yourself from the situation immediately. Even if you aren’t yet financially ready, you have to do what’s best to protect yourself and your children and get yourself out of a potentially dangerous situation.

If you are physically secure and the bullying is more financial or emotional, the following are some tips to getting away from a bullying or overly controlling spouse. One tip proposed by MacBride is to put aside money. Even if you do not have an income stream of your own you can start taking spending money and putting it aside in your own account. Having access to your own funds, enough to fight a spouse over what can sometimes be a lengthy divorce battle, is crucial to ensure you get a fair share.

Another bit of advice when splitting from a bully is to make sure to get your own copies of everything important. You want to be sure you have your own financial records to give your attorney and not have to trust that your spouse is turning over everything you need. You can begin gathering these documents before filing for divorce, calling your banks or other financial institutions and asking for recent statements.