Newsome O'Donnell, LLC
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July 2014 Archives

Billionaire files for divorce after 11-year marriage

New Jersey residents might be interested in a recent divorce case involving the founder of a prominent hedge-fund firm based in Chicago. On July 23, the 45-year-old billionaire filed for divorce from his 43-year-old wife after 11 years of marriage, citing 'irreconcilable differences," according to court documents.

Man taken into custody for owing child support

A New Jersey man was taken into custody after authorities discovered that he had four warrants out for his arrest after he allegedly failed to pay his child support. According to the report, he allegedly owed more than $22,000 in child support when he was taken into custody on July 2.

Strength of Relationship or Strength of Tuition

No longer can a child continuously put his or her hand out expecting money without attempting to have a relationship with their hold out parent. Parent-child relationships are a two way street, therefore children are also held responsible for reaching out for more than just money.

Ramifications of mortgages and home loans to divorce

Even after a New Jersey couple obtains a divorce, they may find themselves to still be involved financially. Property obtained during the marriage is assumed to be the joint property of both spouses, and this includes assets such as houses that often carry with them long-term debt.

Divorcing couples in New Jersey should use caution with assets

For those over 50 filing for divorce in Morris, there are concerns that may be overlooked. As a couple approaches retirement age, there might be accounts designed for use as future income that may not be obvious upon the initial search for dividable property.

Judge orders ex-wife of Frank McCourt to pay legal fees

Individuals in New Jersey who follow baseball may have heard about the high-profile divorce of former Dodgers owner Frank McCourt. On June 24, a judge ruled that McCourt's ex-wife Jamie McCourt was responsible for nearly $2 million in legal fees. She had unsuccessfully challenged a divorce settlement between the two.

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