The Curious Case of Michael D. Jones, Deceased and the Need to Change Beneficiary Designations Post-Divorce
Savings bonds. Who still has savings bonds anyway? Well, a lot of people, and it is a common issue in divorce cases. Any asset acquired during the marriage is subject to equitable distribution. Even a savings bond, which would be held in the name of one spouse. The resolution of the issue is simple. Either […]
How does the Court Equitably Distribution Assets in a Divorce?
Marriage is a shared enterprise and, as a result, when a marriage is dissolved, the assets acquired during the marriage should be fairly divided by the parties. The court is required to conduct a three-part analysis when determining whether to distribute an asset. First, the court must identify which assets, existing at the time the […]
Equitable Distribution of Assets & The Legal Basis for Valuation of Businesses in Divorces
New Jersey is an equitable distribution state. This means, in plain terms, that the assets and liabilities acquired during a marriage are distributed fairly regardless of whose name they are in. One such asset is what we call a closely held business. A closely held business is owned by an individual or small number of […]
Why do we care about goodwill in divorce?
Lately there have been more and more people leaving traditional jobs and taking consulting positions. Is a solo consultant considered a business to be valued in a divorce? Also, more companies have been treating employees as independent contractors asking them to set up an LLC to be paid. Is that LLC considered a business in […]
Capacity to Contract and Divorce Settlements
In a recent unpublished decision, the appellate division affirmed a trial court’s denial of a motion to set aside a final judgement. The defendant signed a settlement agreement and then later claimed that she lacked the mental capacity to understand what she was doing. The trial court held a hearing and enforced the agreement. After […]
Alimony and Retirement
In Landers v. Landers, 444 N.J.Super 315 (App.Div.2016), the court considered the application of the revised alimony statute which went into effect in 2014. The parties had been married for 22 years. A Final Judgment of Divorce (FJOD) was entered in 1991. The defendant/ex-husband had been ordered to pay ‘unallocated’ support for the plaintiff and […]
Is Alimony an Issue in Your Divorce?
While alimony is one of the most important matters in divorces, not every divorce case deals with alimony. Alimony is an issue if either you are requesting financial support from your spouse or your spouse is requesting support from you. The experienced attorneys at Baker Legal Group, LLC have many years of experience in dealing […]