Coronavirus Update: Click to learn more about how we are fully supporting and protecting our clients

Articles Tagged with matrimonial law

Couple Discussing Retirement Assets for Divorce — Skoloff Wolfe lawyers attorneys
Retirement funds are often among the most valuable assets a divorcing couple owns, although before retirement they are often not given a whole lot of thought. How they are treated is one of the most important considerations to be dealt with in a divorce case, and in order to do that, the rules of the road need to be understood by both attorney and client. How such funds are distributed may be one of the most consequential decisions to be made in the divorce process, and there is a lot to know.

Understand the Different Types of Retirement Accounts that are Considered in a Divorce

In order to know what to do with retirement assets, it is important to first understand what it is that you, or your spouse, own. Basically, there are two styles of retirement plan: the defined benefit plan, which guarantees the owner an income stream in a predetermined amount each month, starting from a fixed age through the end of the pensioner’s life; and the defined contribution plan, which has a fixed value at any given point in time, just like a bank or brokerage account. Defined contribution plans are usually in one of two forms: the 401(k) account, which is funded by withholdings from an employee’s paycheck and contributions from his or her employer; and the Individual Retirement Account (“IRA”), which is either funded with a worker’s savings, “rolled over” from a 401(k) with a prior employer, or both. There may be multiple accounts if the person has had multiple employers. A person going through a divorce needs to be certain to know how many accounts they and their spouse have, and what kinds of accounts they are.

Super Lawyers Logo — top rated divorce lawyersNew Jersey Super Lawyers has recognized nine Skoloff & Wolfe lawyers as Super Lawyers and Rising Stars for 2020. Super Lawyers rates outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The selection process includes independent research, peer nominations and peer evaluations.

Jonathan Wolfe, Co-Managing Partner; Chair – Matrimonial & Litigation Departments

For the tenth consecutive year, Jonathan Wolfe, has been selected as a “Super Lawyer”. Mr. Wolfe’s practice focus is on business litigation and matrimonial disputes. He represents leaders or the spouses of leaders from the finance, real estate, professional and entertainment/sports communities in complex matrimonial matters, including a focus on business valuations, private equity/hedge funds, treatment of trust assets in divorce and the protection of non-marital assets. Mr. Wolfe is also the Chair of the Family Law Section of the American Bar Association.

By: Thomas DeCataldo

Divorced parents COVID-19
The ongoing Covid-19 pandemic has caused the tragic loss of life and spurred international panic. Adding insult to injury, the economic impact of this health crisis has thus far been devastating, with stock markets collapsing and many struggling to keep businesses afloat while being unable to work or attempting to do so remotely. As a result of the tumult caused by this virus, divorcing couples and separated parents find themselves attempting to cope with several accelerants to an already stressful situation.

Against this backdrop, in recent weeks many parents questioned the impact of the Covid-19 pandemic on custody and parenting time arrangements, whether entered formally as Court Orders or informally by agreement of the parties. The pandemic presents many hotbed areas for disagreement among separated or separating parents, particularly for those in high-conflict situations.

By: Jonathan W. Wolfe

Previously published in American Journal of Family Law, Spring 2010, Volume 24.

Attorneys representing parties in divorce frequently are faced with the difficult challenge of discovering and proving the existence of hidden income or assets. Although most prevalent in the context of private business owners, spouses from all career paths are capable of engaging in divorce planning designed to minimize their income and avoid parting with their assets in divorce.

By: Jonathan W. Wolfe

This article was previously published in New Jersey Law Journal, Vol. 212 – No 12.

There are many legitimate reasons for a business to retain earnings. However, for a spouse in a divorce — or contemplating divorce — leaving money in the business may be viewed as a tool to shield income to avoid support. For shareholders of an S corporation, even though earnings have not been distributed, they will appear as “phantom income” on the owner’s personal tax returns. Given how frequently these issues arise in our practice, there is surprisingly little New Jersey precedent addressing the treatment of retained earnings in the context of divorce.

Super Lawyers
Best Law Firms
Best Lawfirms
Lawdragon
Best Lawyers
Contact Information