Today is the birthday of Martin Luther King Jr., a figure who needs no introduction. Fifty-five years since his famous speech, we are continuing to move towards King’s dream of “a nation where [we] will not be judged by the colour of [our] skin but by the content of [our]…
North Carolina Divorce Lawyers Blog
Divorce Recovery Tips: Part 2
Venn Crawford, non-attorney Marketing AssistantTip #6 – Exercise boosts your mood. Go for a jog or bike ride when you feel overwhelmed. Exercise isn’t just for getting in shape – it also can help you to regulate your mood better. When you exercise, your brain releases endorphins, which are chemicals that trigger pleasant feelings in…
Alimony Tax Reform: Part I
Carolyn Woodruff, J.D., C.P.A, C.V.A.Divorce was hard enough, and now alimony tax reform. Do you feel good or bad about alimony? No matter your answer, this alimony tax reform revolutionizes the divorce arena, and you need to know how it may affect you and your clients. Judges need to know how it might affect…
Divorce Recovery Tips: Part 1
Venn Crawford, non-attorney Marketing AssistantWe started our divorce recovery tip series to provide advice in an easily-digestible format, but sometimes we can’t say everything we want to in one image. This blog series will expand on our tips and provide some extra insight into the divorce recovery process. Tip #1 – Take time each…
Retirement Benefits Not Part of the Estate in Bankruptcy (In re Lawson)
Carolyn Woodruff, JD, CPA, CVAIn re Lawson, 570 B.R. 563 (Bankr. N.D. Ohio 2017) Facts: A husband and wife filed divorce proceedings in Ohio. Among the marital assets was the husband’s defined contribution retirement plan. The parties read into the record in the Ohio action an agreement that awarded the wife 50% of the…
When Bankruptcy is Filed Before the DRO
Carolyn Woodruff, JD, CPA, CVAIn re Jeffers, No. 14-52328, B.R., 2017 WL 2838104 (Bankr. N.D. Ohio June 30, 2017) Facts: A husband and wife divorced in Ohio. The divorce decree awarded the wife an interest in the husband’s retirement benefits. Before a DRO was entered, the husband filed a petition in bankruptcy under Chapter…
NFL Ex-Wives and QDROs (Garcia-Tatupu v. Bert Bell/Peter Rozelle NFL Player Ret. Plan)
Carolyn Woodruff, J.D., C.P.A, C.V.A.Garcia-Tatupu v. Bert Bell/Peter Rozelle NFL Player Ret. Plan, No. CV 16-11131-DPW, F. Supp. 3d , 2017 WL 1398645 (D. Mass. Apr. 18, 2017) Facts: The husband, a former NFL football player, was divorced from his wife in Massachusetts in 1997. No DRO was entered at the time. The husband…
DROs and Pension Plans (Dullea v. Pension Benefit Guar. Corp.)
Carolyn Woodruff, J.D., C.P.A, C.V.A.Dullea v. Pension Benefit Guar. Corp., 241 F. Supp. 3d 155 (D.D.C. 2017) Background: There are two ways in which state courts can make a deferred future division of retirement benefits. The traditional method is the shared interest approach, which awards the nonowning spouse a portion of each future payment…
Don’t Wait to Obtain a QDRO (Patterson v. Chrysler Group)
Carolyn Woodruff, J.D., C.P.A, C.V.A.Patterson v. Chrysler Group, LLC, 845 F.3d 756 (6th Cir. 2017) Facts: A divorce decree awarded the wife an interest in the husband’s retirement and survivor benefits, expressly ordering him not to elect a survivor beneficiary other than the wife. The wife did not obtain a QDRO. Upon retirement, the…
Innocent Spouse Relief: Read Before Signing (Yancey v. Comm’r)
Yancey v. Comm’r, T.C. Memo. 2017-59, 2017 WL 1289451 (2017) Facts: A husband and wife filed joint returns. The returns were prepared by the wife. The returns understated the amount of tax due, mostly because they wrongly double-counted certain gambling losses incurred by the husband. The IRS assessed a deficiency.…