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March 2014 Archives

Hidden, illiquid assets disputed in high-asset divorces

Divorcing couples in Florida with a substantial amassed fortune are likely to find that the path to a clean division of financial property is a complicated one. The matter becomes more complex when one or both spouses take the effort to hide assets from the other. Financial planners specialized in divorce frequently work to resolve matters regarding assets that are hidden or illiquid in value.

Navigating financially-complex divorces

For Florida couples going through divorce, the process can be overwhelming, both financially and emotionally. Simple property division typically involves tangible objects and decisions regarding who gets what. While simple property division may seem straightforward, it can be decidedly more challenging to divide abstract financial assets. Two of the most difficult things to divide are stock options and restricted stock.

Millionaire's income disclosed in child support trial

Parents in Florida may be interested in the latest news to make headlines regarding a 45-year-old top Citigroup executive. The businessman recently went to trial against his ex-wife, who is seeking an increase in child support payments to $25,000 a month. The couple's divorce was finalized in 2006, and they last amended their child support agreement for their two children in 2008.

Continental Resources billionaire to keep control of company

Followers of Forbes in Florida may be familiar with Harold Hamm, the founder of Continental Resources who has an estimated net worth of about $14.6 billion. Hamm owns approximately 126 million shares and a 70 percent equity stake in the oil production company, which saw a 39 percent increase in production in 2013.

Pets in property division

Florida pet lovers may be interested in changing attitudes regarding pet ownership during divorce proceedings. For some people, pets are considered "property" such as real estate or other assets that can be divided between spouses during a split. For many people, however, pets are companions and, in some cases, surrogate children. According to the results of a survey administered to family law attorneys by the American Academy of Matrimonial Lawyers, there has been a noticeable increase in the number of cases in which the custody of family pets is disputed as well as an increase in court acknowledgement of pets as assets over the past five years.

Shared parenting movement spurs child custody trend among fathers

One question that might be asked in Florida and anywhere that U.S. family law matters are discussed is, "Why are more single men heading up households than ever before?" The answer may lie in the fact that judges in some states are following revamped guidelines for awarding child custody in divorce. The new rules handed down to family law courts by state legislatures redefine what is meant by "the best interests of the child," the gold standard of priorities in custody disputes.