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Michael Douglas’ ex walks away from court empty handed

On: June 20, 2011 By: Posted in Divorce News

NEW YORK – There is good news for acclaimed actor Michael Douglas. His ex-wife has lost a bid to claim a portion of his earnings for his latest movie, “Wall Street: Money Never Sleeps.”

In a New York court on Thursday, Diandra Douglas’ claim for a share of her ex-husband’s earnings from his latest “Wall Street” movie was turned down. Following a bitter multimillion-dollar divorce, Diandra attempted to cash in on her ex-husband’s earnings, contending it was part of a deal they had agreed upon during the divorce.

Supreme Court Justice Matthew F. Cooper upheld a previous ruling that the money problems between the former couple should remain in California, where the couple divorced in 2000 after 23 years of marriage.

Judge Cooper dismissed Diandra’s lawsuit for the same reasons he cited back in November, yet, she asked him to reconsider.

“This court adheres to its original decision holding that the California court has exclusive jurisdiction over this dispute,” wrote Cooper.

Before the latest court proceedings, Diandra had filed a notice that she plans to appeal to a higher court.

Michael Douglas’ divorce lawyer, Marilyn Chinitz, said she hoped this ruling “would be the last of it.”

Due to the deal the ex-couple struck in the divorce, Diandra is entitled to an equal share of revenue from projects the actor did when they were married. However, she contends that this means she should also get her portion of the money Douglas earned from last year’s “Wall Street” installment.

Douglas’ divorce lawyers claim that the divorce agreement does not apply to the second “Wall Street,” which had not been in the works at the time of the couple’s split.

The issue has turned into a bitter, drawn out battle. At a hearing in April, Douglas’ divorce attorney brought up his recent fight with throat cancer and said his ex “should be ashamed of herself” for trying to swindle more money out of the actor after she has already received over $51 million from him in the divorce settlement.

Diandra’s divorce lawyers, however, brought up Douglas’ recent expenditure – a $5 million-plus home near New York – as well as the amount of money he spends on private school for his children and argue that what they are asking for is nothing compared to what the actor spends.

Diandra’s divorce attorneys were not available for comment.

Ex’s and Taxes

On: April 21, 2011 By: Posted in Divorce News

Two things in life are certain: death and taxes. However, seeing as how 50 percent of all marriages end in divorce, we can safely add “ex’s” to that list. As tax season comes to an end, you should be given some serious consideration to your divorce proceedings if you have made plans to separate from your spouse or are in the process of doing so. Couples generally file for taxes together and depending on whether you are the main provider for your family or not, could determine how much money you will be getting back whether you are single or married.

If you need assistance with filing for divorce, turn to a divorce lawyer quickly for help. If you don’t have a skilled paralegal working on your case, it could be months or even years by the time the proceedings end. You may lose out on valuable tax exemptions and benefits if you either wait too long to file or if you do not choose wisely when it comes to your divorce attorney.

Divorce lawyers can help you sort out all the nitty gritty details involved in splitting up, such as dividing property and assets, determining child custody arrangements as well as child support payments, can help you with drawing up a pre or postnuptial agreement and can even help you with trusts and estates. Especially when it comes to property, ensuring that you have a tax break will be critical. So turn to a top divorce lawyer for help in making sure all of your documents are in order.

Another aspect that is crucial for you to get in order during a divorce is your debt. If you didn’t specify in your prenup, your spouse’s debt can very easily be considered yours as well. And if your spouse is in trouble with the IRS, guess who else they are going to come after. With the help of a top divorce lawyer, you will not have to worry about anyone else’s money problems except your own. Your paralegal will ensure that your debt and your spouse’s debt are kept separate so that you are not responsible for any financial matters aside from you own.

You don’t have to look far to find an acclaimed divorce attorney. There are numerous skilled paralegals in your area waiting to hear from you and to help you right away. The sooner you solicit the help of a leading divorce lawyer, the faster you will be on your way to settling your issues. Most consultations are free the first time you visit, so call today and schedule a meeting with a skilled divorce attorney in your hometown to get started on your case.

Can You Afford a Divorce?

On: August 13, 2010 By: Posted in Divorce News

It is ironic that while money problems are increasingly becoming reasons for couples to file for divorce, in this poor economy, divorce rates are actually decreasing. In other words people are accepting the fact that they cannot afford to get a divorce. Like any other legal process, you need to plan your divorce.

All of a Sudden

You might wonder how it is possible to plan something that could take place at any time, without any heads up notice. But in these times, if you do not plan your divorce you really cannot afford to get it done. So once you have decided to file for a divorce, consult an experienced divorce lawyer or divorce attorney and obtain the proper guidelines for this pivotal stage.

Here are few things you can do to make your divorce process smooth and more economical:

Prepare your financial paperwork: be it your investment portfolios, bank statements, mortgage statements, bills or any other financial documents like IRAs
Take time with your spouse and get all this paperwork organized

Prepare an After-Divorce Budget

Analyze your spending habits and categorize your needs into essentials and non-essentials. Then divide the same into half and determine how much you might need post the divorce. By doing so you will get a clear picture of how much you need to save and in what way you will need to increase your income.

Critical Points

Reduce your debt: start making your payments regularly and cut back on your credit card debt right away. This will put you in a better financial position.

Save more: Financial experts are advising that you need to have at least nine month savings as a cushion to protect yourself against unforeseen circumstances like loss of job, etc.

Final Agreement

Going through divorce is one of the most difficult phases of life and it’s a phase that can be dealt better when there is proper guidance. So while choosing your divorce lawyer make sure you choose someone you can completely trust. A divorce attorney plays an important role in making the process as smooth as possible. A collaborative divorce is the most ideal for so many reasons, financially for one. Hopefully you and your spouse can come to terms on this.