Marital Assets

News & Analysis as of

Installment Terms for the Business Buyout in a Divorce

For many divorcing couples, a closely-held business is the most valuable marital asset. In most cases, it is likely that only one spouse will remain with the business, raising this key issue: How can the interest of the...more

Divorce – Impacting Your Meddlin Hands Partners!

To the other four minority owners who enjoyed the meteoric rise of Meddlin Hands Cleaning Products, when Lucy Knott sued their majority partner Tigh A. Knott for divorce, the divorce was anything but routine. Lucy wants half...more

The Marital Deduction: A Valuable Estate Planning Tool

The federal estate tax marital deduction is one of the most important estate planning tools available to a married couple. The basic marital deduction rule is that, upon the death of the first spouse, the value of any...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...more

Failure To Divide Estate Into Marital And Nonmarital Trust–What Happens At Death Of Surviving Spouse

Upon the death of wife, wife’s assets were supposed to be divided into two marital deduction trusts and a bypass family trust. An estate tax return was filed, and an estate tax deduction was taken for the transfer that was...more

QDROs For Unmarried Cohabitants?

Sponsors of qualified retirement plans know that, generally speaking, plan benefits cannot be taken from a participant through legal process or otherwise be assigned to anyone other than the participant. There is an exception...more

Taking “Stand By Your Man” To A New Level

I recently commented on CNN about the bizarre headline grabbing case involving LA Clipper’s owner, Donald Sterling (see Clip here). The focus of my interview, however, was not Mr. Sterling himself, but the battle between his...more

Family Law Newsletter - May 2014

In This Issue: - Marriage, Divorce & Your Business - New Child Support Guidelines Under Virginia Code Section 20 108.2: What Do They Mean for You? - Moving Out of the Marital Home - Should You Stay or...more

What Right Does an Estate Trustee Have To Sell Real Estate?

Taking on the role of estate trustee can involve many challenges, both legally and otherwise. Being an estate trustee where the deceased assets include real estate can carry with it additional challenges which must be...more

My Husband Wants A Divorce - Can I keep My Wedding Ring?

In Pennsylvania, gifts between a husband and wife are marital property. This is the case regardless of whether the gift was jewelry or other personal property given on an occasion such as a birthday or anniversary....more

LLC Preferred Interest Qualifies For Marital Deduction

In a recent private letter ruling, the question was raised whether an LLC interest that received a preferred return with additional LLC cash flow going to other common interests could qualify for the marital deduction if...more

Transfers to Non-Citizen Spouses: Planning Considerations

Estate planning professionals commonly encounter married couples with mixed nationalities. That is, one spouse is an American citizen and the other is not. The U.S. estate and gift tax rules are generally the same for U.S....more

California Court Issues Non-Competition Order

Covenants not to compete have been in legislative disfavor in California since 1872. This animus is currently codified at Section 16600 of the Business and Professions Code which provides that with certain statutory...more

Monthly Disability Payments Not Considered Marital Property

In 2011, the Pennsylvania Supreme Court decided the case of Focht v. Focht, 32 A.3d 668 (Pa. 2011), which resolved prior conflicting case law on the issue of whether an award or settlement proceeds from a personal injury...more

Equal Tax Treatment for Same-Sex Couples in the Wake of Recent Supreme Court Ruling and IRS Guidance

Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more

Divorces, Community Property and Patents — the Problem of the Ex-Spouse

Many universities have standard patent assignment agreements that assign inventions of a university employee to the university. But what if the inventor is married? Or, what if the inventor marries during his or her...more

Divorce: Finding Offshore Assets

One of the more important issues in a divorce proceeding is identifying and dividing community and separate property. The task of asset identification and location may have been made both easier and more complex at the same...more

A Diamond May Be Forever, But What Happens to it When There is a Divorce?

On October 21, 2013 news spread around the Bay Area when Kanye West rented out AT&T Park and proposed to girlfriend, Kim Kardashian, with a 15-carat sparkler. The ring was a flawless emerald cut diamond designed by Lorraine...more

Don’t Love Anything That Can’t Love You Back

Divorce is emotionally and financially complicated, but when the emotions and finances start influencing each other, this is a recipe for emotional and financial disaster....more

How do I know if an asset is really my sole and separate property?

In the State of Arizona, any and all property is presumed to be community property. However, property is characterized at the time of its acquisition and therefore, if you owned property prior to your marriage, it is and...more

Do I have to Disclose Everything to the Other Party and/or the Court?

Under current Arizona law, you must make full disclosure to the other party and the Court. The Arizona Rules of Family Law Procedure require that everything which may have an impact on the outcome of the case be disclosed -...more

Emergency Points if a Divorce is Impending: Financial Accounts and Personal Property

When you are contemplating a separation from your spouse, it is important to consider whether or not actions need to be taken to prevent dissipation of assets by your spouse prior to a final resolution of your case. You...more

Marriage, Divorce and Your Business

If you own a business, or any asset for that matter, and you intend to marry or divorce, you need to read this. Virginia is not a community property state. But it is an equitable distribution state. What does that...more

Tax Issues When Dividing Marital Property Pursuant to a Divorce: Part 2

This week my very smart colleague Jen Green is back with Part 2 in her series of important tax issues that need to be considered when dividing marital property during a divorce. ...more

Tax Issues When Dividing Marital Property Pursuant to a Divorce: Part 1

I’ve written before about the emotional roller coaster that can come along when it’s time to divide assets during the divorce process. Today my colleague Jen Green offers the first of several tax rules – and their...more

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