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July 2014 Archives

Citadel founder files for divorce, gives wife no notice

New Jersey investors may have heard that the founder of the well-known hedge fund Citadel LLC has filed for divorce, though it is unclear whether this will impact the firm directly. Billionaire Kenneth C. Griffin filed divorce papers on July 23, citing irreconcilable differences as his reason for ending his marriage to 43-year-old Anne Dias Griffin. She had founded her own hedge fund, Aragon Global Management LLC, in 2001, but gave up her career eight years later to focus on her family and civic activities.

Police conduct delinquent child-support raid

Police in New Jersey's Mercer County have detained 111 people on outstanding warrants for not paying child support. The warrants were served as part of a raid that took place between July 15 and July 17. To carry out the raid, officers from the Mercer County sheriff's department worked in conjunction with several other agencies, including the Mercer Vicinage Probation Division and the New Jersey State Parole Board. Similar raids took place in more than 20 counties across the state, with police serving 760 warrants in total.

Dividing a house during divorce

New Jersey couples who wish to end their relationship may wonder about staying linked together well after the divorce if they own property together. Generally, real property that is mortgaged in both individuals' names will continue to be the joint debt of both spouses even after the divorce if additional steps are not taken to further sever the liability.

Assets that are subject to equitable division

In New Jersey, everything acquired by either spouse during marriage is considered a marital asset subject to equitable distribution in a divorce, with some minor exceptions. What some couples may not realize is that the marital property rule applies to illiquid assets such as retirement accounts. If an employed individual is not yet at the age of retirement, the parties may utilize a Qualified Domestic Relations Order to divide retirement accounts without subjecting them to a penalty for early withdrawal. Additionally, certain accounts such as a Roth IRA or Roth 401(k) do not have penalties for early withdrawals.

Former owner of Dodgers to get $1.9 million from ex-wife

New Jersey MLB fans who are following the McCourt divorce may remember that Jamie McCourt received $131 million in a tax-free divorce settlement from her former husband Frank McCourt, the former owner of the Los Angeles Dodgers, in 2012, but part of the agreement stipulated that if either party were to contest the agreement, he or she would have to pay for the other's attorney's fees. Jamie contested the agreement, which led a superior court judge to recently order her to reimburse her ex for the $1.9 million he spent in their latest divorce litigation. The decision was tentatively given on June 24, 2014. It will become final after a 15-day period in which Jamie's attorneys could appeal.

Honored as a "Best of New Jersey Among our Most Distinguished Americans of Italian Descent" and conferred the "Stivale D'Italia Award of Excellence" by the Italian Tribune for her "honesty, integrity and dedication to fair and ethical business practices" and her "outstanding reputation as a Woman Whose Word is Her Bond".

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To learn more about our Essex County divorce and family lawyers, you may email us or call 973-852-3346 to schedule an initial consultation.

Cipriano Law Offices, P.C.
175 Fairfield Avenue
Suite 4C/D
West Caldwell, NJ 07006

Toll Free: 800-646-0731
Toll Free: 800-646-0731
Phone: 973-852-3346
Fax: 973-403-8610
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