Pre-Nups: Estate Planning
October 01, 2004
When drafting and executing prenuptial agreements, the parties are generally concerned about protecting their assets and delineating their rights upon divorce. In addition to provisions in the event of divorce, however, careful attention also must be paid to the disposition of one's assets upon death. The provisions in the event of death may be particularly important where the assets to be protected were received from one's family or are comprised of a family business. Depending upon the circumstances, the death provisions of a prenuptial agreement may be used to negotiate more favorable divorce provisions for your client. Whether or not used in negotiation, any death provisions included in a prenuptial agreement require an understanding of complex federal tax issues, knowledge of state property law, and thoughtful drafting.
Covenant Not to Compete
October 01, 2004
When a business is sold, there is often an allocation of a portion of the purchase price to a covenant not to compete. While this allocation may be appropriate in the sale of a business, frequently the allocation is artificial and is a behind-closed-doors deal between buyers and sellers, driven entirely by tax considerations. Such allocations may have unwanted and unintended consequences for a divorcing party.
Litigation
October 01, 2004
Recent rulings of interest to you and your practice.
Litigation
August 31, 2004
Recent rulings of importance to you and your practice.
Marital Interests in S-Corporations May Have Differing Value
August 31, 2004
Matrimonial attorneys need to be aware that a shift in prevailing winds is occurring within the business appraisal profession concerning valuation of interests in "pass-through entities" (PTEs) such as S-Corporations and various forms of limited liability entities. Calculation of the fair market value of a closely held marital business interest could vary by as much as 67% if income taxes are considered or not considered under various methods. While the choice of methods and procedural analysis is the domain of your appraisal expert, knowledge of valuation alternatives will help you ensure that an appropriate analysis for your client is performed, and will assist you in impugning a less alert opposing expert during cross-examination. Be careful, however, because these "new analytics" are fact-sensitive and not universally applied (or misapplied) by business appraisers.
Bush Appointee Thwarts Gay Right to Adopt
August 31, 2004
President Bush's recess appointment of William H. Pryor Jr. to the 11th U.S. Circuit Court of Appeals outraged senators who objected to Pryor's record on issues such as gay rights, abortion and federalism. Although the Democrats managed to block a vote on his nomination, the President's appointment will allow Pryor to remain on the bench through 2005.
Pennsylvania Supreme Court Orders Custodial Parent to Pay Child Support
August 31, 2004
In a case of first impression in Pennsylvania, the Supreme Court, the highest appellate court in the state, granted allocatur to consider whether a trial court may order a parent with primary custody of a child to pay child support to the non-custodial parent. Finding that in certain circumstances they may do so, the court has now ordered a custodial father to pay child support to the mother of his children, despite the fact they he has custody of them 73% of the time.
Eating Preferences and Child Custody Disputes
August 31, 2004
Can a parent's vegetarianism be a factor in custody disputes? Even if the diet is safe, is one parent bound by the other parent's decision to raise a child as a vegetarian? Could Dad be forced to cook "notdogs" during his weekends with the kids? Might Mom be forced to bake a "tofurkey" for Thanksgiving dinner on her alternate custody years? There have only been a handful of cases to address these issues, but with the swell of vegetarians in recent years, and particularly with the rise of vegetarianism among children and teenagers, the courts will soon be grappling with this issue.
BREAKING NEWS
August 13, 2004
A major setback for same-sex marriage advocates.
Defining 'Spousal' Benefits
July 27, 2004
Recent moves by various cities, states, and municipalities to legalize or ban same-sex marriage have generated a flood of press, but little concrete advice as to the potential implications of these laws and related court rulings. The dearth of specific and actionable analysis of the implications of these shifts in the law places law firms, as well as most large enterprises, at a competitive disadvantage by forcing them to react as these laws change. This issue is an especially pressing one for large law firms with offices in many states because the definition of "spouse," and thus the availability of "spousal" benefits, may differ in diverse localities.
