Litigation
November 27, 2007
A recent case of interest.
A Novel Approach to Fee Collection
November 27, 2007
Lawyers whose clients refuse to pay their fees routinely file lawsuits and win judgments against them. Attorney Ellen Marshall's disputes with a former divorce client, however, have been anything but routine. Then again, Warren Matthei is no ordinary client. Matthei, a millionaire stockbroker from Summit, NJ, spent nearly a decade in jail ' first for refusing to pay child support to his ex-wife, and later for refusing to pay Marshall's attorney fees.
Equitable Relief from a Spouse's Tax Liability
November 27, 2007
Husband and wife typically sign joint returns as their aggregate income tax liability will, in most cases, be less on a joint return than it would be if each filed separately. Once a joint return has been signed by the taxpayer, however, he or she cannot avoid the liability for tax with respect to that return. This can lead to serious financial problems long after the year for which the return was signed.So-called 'innocent spouse' relief under ' 6015 may be available, but no one should assume that relief can be readily obtained. Recent developments make this very clear.
The Proposed APA Guidelines for Child Custody Evaluations
November 27, 2007
The American Psychological Association (APA) has now proposed new guidelines for Child Custody Evaluations to replace those promulgated in 1994, which set 'aspirational goals' for those psychologists engaging in evaluations of children for divorcing families going through custodial litigation. Herein is a critique of the new guidelines from an attorney's point of view.
New Business Valuation Standards for Accountants
November 27, 2007
In June 2007, the American Institute of Certified Public Accountants (AICPA) approved new business valuation standards effective for assignments accepted after Jan. 1, 2008 for all member accountants. The AICPA's Statement on Standards for Valuation Services No. 1 (SSVS 1is a solid, well-reasoned set of principles on how to perform and report a valuation analysis. Matrimonial attorneys need to understand the impact of these new AICPA requirements to ensure that their clients benefit from the higher quality of work now expected, and to demand adherence to these standards when exposing poor work done by the casual valuation analyst.
Getting the 'Benefit' Out of Retirement Plan Benefits
October 31, 2007
It is not uncommon for a client's wealth to be concentrated in one or more retirement plans. As such, the disposition of such retirement plans, both during life and after a client's death, are often at the heart of the negotiations for a prenuptial or divorce agreement. Understanding the various income tax savings as well as the traps associated with retirement vehicles will give your clients the advantage when involved in such negotiations and thereby enable your clients and their beneficiaries to maximize the benefits of these valuable assets. This article offers a few practical strategies to help your clients get the maximum benefit from their retirement plans, with the lowest tax cost possible.
The Mediation Process
October 31, 2007
Part One of this article discussed the adoption of the Uniform Mediation Act (UMA) in New Jersey and the similarities and differences from the adoption of the UMA in other states. The conclusion addresses the risks and benefits of mediating a divorce.
Collecting Support from a Payor Who Has Filed Under Chapter 11
October 31, 2007
Matrimonial attorneys may believe that the Bankruptcy Code protects support creditors, insuring that they will be able to collect both ongoing support and support arrears. While it may be true that the support obligations cannot be discharged, during the pendency of a Chapter 11 case ' and that could be for years ' collection of support is increasingly a matter of federal law to be adjudicated by a federal court that is concerned with balancing the claims of the support creditor against the claims of all the other creditors.
