Wrongful Conviction Settlement Proceeds Ruled Marital Property In Divorce When Conviction Happened Prior To Marriage

Judge’s Ruling: Since the husband’s lawsuit for wrongful conviction accrued during the marriage, it was therefore marital property and subject to equitable distribution to the parties. Facts: Juan Rivera was charged with first degree murder in 1992. The victim had been raped and stabbed multiple times. Incriminating evidence against Mr. Rivera was presented including statements  … Read more

What Happens If I Create A Trust And My Trustee (Husband) Later Gifts Large Portions Of My Assets To Others Not Named In My Trust?

Just recently, this situation was addressed in court.  In summary, the case facts are as follows: A Wife (Trustor) created a Trust Agreement in which the Trust Agreement named the Wife and her Husband as the Trustees of her Trust.  The Wife later died and her Husband became the sole Trustee and primary beneficiary of  … Read more

What If I Know Someone With Underpaid Taxes?

The Internal Revenue Service (IRS) has a Whistle-Blower Office that allows the IRS to pay awards to whistle-blowers for information leading to detecting underpayments of tax and punishing persons guilty of violating the IRS tax laws.* According to the IRS, $2 billion was collected by the IRS because of information provided by whistle-blowers. Awards paid to  … Read more

What Will Be The Consequences of Failing to Repay a Loan Against My 401(K) or 403(B) Retirement Account?

Recently the court ruled on this issue. A teacher for a public school borrowed money from her 403(b) retirement account as a means of avoiding bankruptcy on her residence. A 403(b) account is a retirement plan (similar to a 401(k) retirement account) but only available to specific employees of public schools, tax exempt organizations, and  … Read more

How is Spousal Support Awarded?

First, the court determines whether alimony or spousal support is appropriate for parties by looking at the following factors: Income and Property Needs Present and Future Earning Capacity Impairment of Earning Capacity Time Necessary to Acquire Education, Training, or Employment Standard of Living During the Marriage Duration of the Marriage Age, Health, Skills, and Liabilities  … Read more

Will vs. Trust

What is a Will? A Will or a Last Will and Testament is a written document by which a person for whom a will is written, who is called the testator, states how the testator wants his/her property distributed after his/her death It does not take effect until after the testator dies. Until the testator  … Read more