Recent Blog Posts
Prenuptial Agreement Between Millionaire and Wife Thrown Out
A Brooklyn appellate court decided that a prenuptial agreement between Elizabeth Petrakis and her husband, Peter Petrakis, will be thrown out. This decision almost never happens, according to Elizabeth’s attorney. Her lawyer also stated that "To a large degree, this has upset the heretofore common thinking that prenups were not subject to challenge. ... Now there&s precedent for vacating a prenup."
According to this article in the Huffington Post, the prenup was presented to Elizabeth three months before the marriage. It stated that she would get $25,000 for every year they were married, but all assets acquired during their marriage would belong to Peter in case of a divorce. Elizabeth refused to sign it until four days before the wedding, when Peter told her he’d tear it up once they had children.
Unfortunately, Peter never tore it up—an act which Elizabeth’s attorney calls fraud. This deception was the grounds for the case, and why the appellate court ruled in Elizabeth’s favor.
Judge asked to Order DNA Test for Michael Jordan
Michael Jordan is known in many circles as the greatest basketball player ever. However, according to the Chicago Tribune, he may have a new title as the father of a 16 year old boy.
Pamela Smith recently filed a paternity suit against the basketball great claiming that he is the father of her now 16 year old child. She is also seeking child support although, if he is found to be the father, he would only have to pay until the child turns 18. Jordan is the majority owner of his own basketball team and is still earning millions per year in endorsement deals, so the amount he owes if he is the father could be a huge one.
Jordan denies the fact the he is this child’s father and he has also filed a countersuit against Smith for making false claims. Jordan’s attorneys point out the fact the she acknowledged that her now ex-husband is the father of the child in an earlier divorce proceeding. She states that her son has the right to know who his father really is and that this is an issue that he has been struggling with for quite a while. Smith’s attorney states that she just wants to do the right thing by her son because if she was just after the money, she could have filed the suit many years ago.
Divorce Rate in Golden Years has Doubled
It used to be almost unheard of to hear of couples being divorced once they have stayed together long enough to raise their own children and have grandchildren. However, according to a report in the Chicago Tribune, the rate of divorce among people over the age of 50 has doubled over the last 20 years.
According to recent studies, back in 1990 only 1 in 10 couples over the age of 50 were getting divorced. However today, that number has risen to 1 in 4. There are several contributing factors that this same study revealed.
The biggest reason for divorces remains the same among all age groups; finances. Many people hang on to their marriage in hopes that retirement will bring a better chance of stability and when it does not, they are ready to throw in the towel.
Another point is that divorce is not as stigmatized today as it was in the past. With the commonality of divorce, there are just fewer bad things to be said and many people are more understanding of divorce. Many couples choose to stay together for the sake of their children. Some of these very couples choose to divorce after the children are grown up and leave the home. The marriage was over for years so they decide that it is time to make it official.
Post Valentine’s Day Divorce Season | Illinois Divorce Attorney
A recent article brought it to attention that February 15th starts the busy season for divorce lawyers. It is often true that people who were unhappy with their marriages heading into Valentine’s Day often decide they no longer want to be with the one they used to love after the romantic holiday.
A study of divorce filings in New York, Illinois, and California found that divorce rates in February increase about 18% compared to all other months. It is also true that rates of people seeking referrals for divorce lawyers increase 38% following the holiday; the biggest spike is the day after Valentine’s.
Another site reported a 40% increase in those seeking information about approaching divorce in the period right after Valentine’s Day.
"There are a very large number of people who are considering the divorce all the time, deciding whether or not to file. On Valentine’s Day, they take stock of things," said a co-founder of the site.
May Trial for Kardashian-Humphries Divorce
In a recent article in the Chicago Tribune, the divorce of reality star Kim Kardashian and NBA basketball player Kris Humphries will go to trial in May. More than a year and half after the couple had decided to separate and file for divorce. On February 15th, a judge in Los Angeles ruled that the trial would be in May.
The celebrity couple had an elaborate wedding, in August 2011, that was filmed for TV. The couple called it quits after only 72 days of marriage. Kardashian filed the divorce stating irreconcilable differences. They have been having difficulties with agreeing on the divorce terms. Humphries has insisted on an annulment claiming that Kardashian never intended on keeping the marriage. Kardashian began dating rapper Kanye West last April and is now pregnant with her first child. The divorce will be Kardashian’s second. She was previously married to Damon Thomas, a music producer. They wed in 2000 and divorced after 4 years, in 2004.
Kobe Bryant’s Divorce could cost $1.36 million a month
Recently, it was reported by a California attorney that, has Kobe Bryant and his wife Vanessa were to continue their divorce proceedings – although they reconciled in January – the divorce could have ended up costing the Los Angeles Lakers player $1.36 million every month for child support and spousal support.
The figure was calculated based on a report from Forbes magazine that estimates Kobe’s annual income to be close to $53.2 million. The Lakers player makes about $20.3 million is salary/winnings along with an additional $32 million in endorsements. According to the publication, 34-year-old is also number 6 on the list of the world’s highest paid athletes.
Based upon those estimated figures, the California lawyer said that if Kobe and Vanessa did decide to go through with their divorce, assuming that Kobe would get equal custody of his two daughters, he would have to pay almost $365,000 in child support every month according to California law. In addition to child support, he would also pay close to $1 million in spousal support because there was no prenuptial agreement when the couple married in April 2001.
Middle-Aged Divorces Initiated by Women
While one long-held stereotype in America about divorce is a scenario in which the middle-aged husband leaves his wife for a much younger woman, statistics show otherwise. According to a AARP The Magazine survey launched a couple of years ago, "66 percent of women claimed to have initiated their split." The survey was conducted, according to the Anchorage Daily News, over more than a thousand divorced men and women, ages 40 to 79.
The age of the participants in the survey could definitely have something do with it. Attitudes and expectations of marriage and gender roles have continued to change in America, especially in the decades since their marriages. Marriage counselor Willard Harley told the Anchorage Daily News that husbands "often feel that the expectations of women in general, and their wives in particular, have grown completely out of reach."
Whether to Keep the House in the Divorce
In most divorces, there are a multitude of different concerns which must be settled. Child custody might be the focal point in some cases. Other times, the division of assets is the pivotal concern. Most of these issues can be tackled in two separate ways, either emotionally or rationally. The latter is the appropriate way to think about whether or not you should keep the house in a divorce.
The first step in answering the question about keeping the house in a divorce is to examine the financial specifics of the house. How much is still due on the mortgage? Would you be able to make monthly payments in order to keep the house? What about other upkeep expenses to maintain the house?
Then it is essential to understand how your personal finances will be affected by owning a house separately from your ex. It will be beneficial to refinance the debt on your house but it might be difficult to do with only one income. Not only will you have to settle with the bank but your spouse will need to be reimbursed for their portion of the property. This can be accomplished in most cases by exchanging a retirement or investment account.
Divorce Not An Option After 80 Years Together
Divorce is rampant in our society and taking the way out can be a breath of fresh air.
But what about the breath of 80 year old love?
November 25, 1932, marked the first "I do" by John and Ann Betar of Fairfield, Connecticut. Eighty years later they not only have happiness together but five children, 14 grandchildren and 16 great-grandchildren to add to the bliss.
Worldwide Marriage Encounter, a Christian organization from San Bernardino, California, sought out, like it does every year, to honor the 2013 "Longest Married" winner to exemplify and promote lasting marriages to encourage younger couples. By showcasing couples who have made commitments work through thick and thin truly gives couples who are just starting or in mid range, people to look up to who make it last.
Divorce – How to Assess Property Settlements
Marriage is a collection of years and memories that represent two lives connected. When it happens to dissipate, you cannot take back those years nor the memories; however, the property(s) you have jointly accumulated can be. In some fashion or another.
Hearing "prenuptial agreement" prior to the wedding day makes some shudder, some even loudly explaining how they do not need it at all because their marriage will be perfect and will work. However, with today’s statistics not playing in anyone’s favor, it might be a good idea to look into a pre-nup to ensure what you came into the marriage with leaves with you.
During the process, there are some other things to consider. If both spouses live on the same property, it is important that all the assets have been listed, what their value is and organized by if the property is joint or separate ownership. The taxes of said assets need to be determined.
© 2024 A. Traub & Associates 200 W. 22nd Street, Suite 210, Lombard, IL 60148630-426-0196
Disclaimer | Resources Privacy Policy | Sitemap Arlington Heights Divorce Lawyer Mediation
