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July 2014 Archives

Citadel founder begins divorce proceedings

Maryland investors may be interested in the divorce proceedings recently initiated by the founder of Citadel LLC, a hedge fund reportedly with assets of approximately $20 billion. The founder filed for divorce from his wife of 11 years allegedly without his wife's knowledge, though the couple had been separated for a year. The wife of the founder, herself a former hedge fund manager, signed a prenuptial agreement in 2003 agreeing not to include Citadel in the division of property in the event of a divorce.

Fathers charged after avoiding child support

For noncustodial parents in Maryland, it may not always be possible to afford child support payments. In some cases, however, parents have gotten away with barely paying any child support by claiming low incomes only to give themselves away as making more money than they disclosed by bragging on social media. For instance, one case involved a father who had spent a total of $189 in child support on his 3-year-old son since the child's birth. The support payments averaged to just 14 cents a day, and the child's mother said that what the father had paid was just to keep himself out of jail.

Property division and the marital home in a Maryland divorce

Maryland is an equitable distribution state, meaning not that both parties to a divorce are supposed to get what is fair, though not necessarily equal, amounts. If a couple owns a home, the simplest thing to do is sell it and divide the proceeds along with other assets in an equitable fashion. However, some people prefer to keep their home after a divorce and buy their partner out. If a fair settlement can be reached that awards one person the home, there are still factors both Rockville residents need to consider.

Why fighting for retirement benefits in divorce is a smart move

Maryland residents who've decided to dissolve their marriages may want to consider seeking a share of their spouse's retirement benefits. In many cases, these benefits can be obtained tax-free and offer options for steady growth that makes them more valuable in the long-run than more commonly pursued assets in divorce settlements, such as homes and spousal support. Property values on homes are always uncertain, and alimony is subject to taxes. However, money in retirement accounts are sometimes exempt from taxes and might be eligible for regular increases.

McCourt's ex-wife ordered to pay legal fees after divorce dispute

Maryland baseball fans may be interested to learn that a judge ordered Frank McCourt's former wife to pay approximately $1.9 million in legal fees on June 24. According to the report, the decision was handed down after McCourt's wife was unsuccessful in contesting the former couple's divorce settlement.

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