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July 2014 Archives

Citadel founder seeks divorce

Arizona residents may have heard that the founder of the $20 billion Citadel LLC has filed for divorce from his wife of 11 years. He allegedly did so without her knowledge, but the couple had been separated for a year. The founder's wife is a former hedge fund manager, and she allegedly agreed to a prenuptial agreement that excluded Citadel from any property division in the event of divorce. Experts have said that, usually, an agreement with this sort of stipulation will award the spouse who waives a claim to certain assets a sum of money if the divorce goes through. However, it is unclear if this is the case with this particular divorce.

Child support charges stem from Facebook bragging

Parents dealing with uncooperative ex-spouses in Arizona child support cases may want to take note of a Milwaukee County, Wis., case. Social media is becoming an option in helping in such cases, particularly when parents comment about their income or other related issues in the public setting of social media sites like Facebook. In the Wisconsin case, a father who had paid a total of less than $200 in child support during his 3-year-old son's life discussed his income on the social media site. As a result, he is contending with felony charges.

How to best divide a home during divorce

What's the best way to divide a home during divorce? For Arizona couples going through the property division phase of divorce, this may be a particularly pressing question. There's no single correct way to divide a home, and different financial experts may offer different suggestions. Generally, many experts suggest that it's the least complicated financially to sell the home and split profits as the uniform division of cash ensures an equitable share for each person. At the other end of the spectrum is the maintenance of joint ownership. This is unusual, but if a couple has an amicable enough relationship to maintain ownership while living in separate homes, it may be possible to keep the home as an investment property and then sell it later. However, the option requires a couple with the means to find a new residence and still pay to maintain another.

Property division in "grey divorces"

America has seen an increase in the national divorce rate over the last several decades, and it is well reflected in the aging population of Arizona. The divorce rate for people over 50 is twice what it was in 1990, and the percentage of people between ages 65 and 75 who are divorced has more than quintupled since 1960. This trend is referred to by the term "grey divorce."

Frank McCourt awarded legal fees after divorce dispute

Residents in Arizona may be interested in a recent ruling in a high-profile high-asset divorce dispute. According to reports, Frank McCourt, the former owner of a Major League Baseball team, was awarded $1.9 million in legal fees after his former wife sought to change the terms of their divorce settlement.

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