Month: July 2021

Settling Britain’s Largest Property Division Award

Billionaire Farkhad Akhmedov and his ex-wife Tatiana Akhmedova are settling Britain’s largest property division award of 450 million pounds. He will be paying her around 135 million pounds in cash and other assets to settle. The announcement ends the largest financial dispute that Britain’s divorce courts have ever seen.

International Divorce Rates

From Russia with Love

Tatiana Akhmedova, who is originally from Russia, decided to accept the cash and art settlement, which represents about one-third of the property division award she obtained in 2016. The parties’ settlement agreement ends a very bitter and long-running legal dispute.

The fight for assets has spanned at least nine jurisdictions since a London judge awarded Tatiana some 450 million pounds — amounting to 41% of Farkhad’s assets — in 2016. The Former Wife’s litigation budget in pursuing her settlement was expensive too. According to reports she had to borrow fund from a litigation finance group called Burford Capital Ltd., which stated it will receive $103 million.

“I will burn this moneys rather then will give her”

Farkhad said in a WhatsApp message to his son in March that year.

Florida Property Division

I’ve written about this case in the past along with the subject of property division in Florida many times before. Property division, or equitable distribution as it is called in Florida, is governed by statute and case law.

Generally, courts set apart to each spouse their nonmarital assets and debts, and then distribute the marital assets and debts between the parties.

In dividing the marital assets and debts though, the court must begin with the premise that the distribution should be equal. However, if there is a justification for an unequal distribution, as in the Akhmedov divorce, the court has the authority.

However, the court must base an unequal distribution on certain factors, including: the contribution to the marriage by each spouse; the economic circumstances of the parties, the duration of the marriage, or any interrupting of personal careers or education.

It has been a long-standing rule in Florida that an unequal distribution of marital assets may be justified to compensate for one spouse’s “intentional dissipation, waste, depletion or destruction of marital assets after filing of the petition….”

Champagne Wishes and Caviar Dreams

The couple met in 1989, marrying four years later and moved to London. The marriage formally ended in late 2014.

A spokesman for her ex-husband Farkhad Akhmedov said:

The intervention in a case over which the English Court should have had no jurisdiction and the involvement of Burford ultimately achieved nothing for Tatiana. Burford and she spent years and millions of pounds on a costly global tour of various jurisdictions in their attempts to seize Luna. Every one of them failed and the yacht remains and will remain in the ownership of Farkhad and the family trusts. Tatiana has ended up with not a penny more than she was offered by her ex-husband six years ago. Farkhad has provided no payment to Burford. Those monies will have to be paid by Tatiana, thus reducing further to her the benefit of a settlement she could have had before the lawyers and financiers got involved.

The Former Wife was awarded a 41.5% share of her ex-husband’s £1 billion-plus fortune in late 2016. But he did not pay and she has spent years in courts in Britain and abroad in a bid to trace and seize his assets.

At one point she hired a team to try to secure her ex-husband’s enormous yacht, Luna, from a Dubai dock, led by former members of the British Special Boat Service – the naval version of the SAS.
Assets separately seized had included the yacht’s private £5million Eurocopter and its £1.5million Torpedo speed boat, customized with a 1965 Ferrari GTO steering wheel. A £40million global express jet had also been taken.

The Luna was sold to Farkhad in 2014 for £225million, has nine decks, space for 52 crew, two helipads, a vast swimming pool and a mini submarine. They are capable of acting as VIP transport and being lifeboats at the same time. Luna also has one of only two multipurpose custom made lifeboat-limousines in the world at a cost of over £2.8m each.

The Daily Mail article is here.

The Simpsons and Benefits of Divorce

The Guardian reports on The Simpsons animated sitcom, its longevity, and its influence on western culture. But most importantly, what the Guardian finds really astonishing about The Simpsons is that Marge has not filed to divorce Homer yet.

Trouble in Springfield

If The Simpsons was rooted in any form of real life, and didn’t reset itself sitcom-style after every episode, it would be a harrowing drama about a woman trapped in an impossibly unhappy marriage.

In The Simpsons Movie there is a quiet moment where Marge sits on the bed, silently absorbing yet another energy-draining screed from her feckless husband, before admitting that her marriage has “aged me horribly”. What else would motivate her to divorce?

For starters, in 1992 Homer was actively considering an affair. In 1994 he deliberately revealed all of his wife’s innermost secrets to the whole town. Then in 1999 he got blackout drunk in Las Vegas and married a cocktail waitress. Worse, in 2004 he drove a car drunk, crashed it, and framed his wife.

Conversely, before marriage Marge was a brilliant, resourceful, academic young woman. She joined the police. She wrote novels. She briefly became mayor of Springfield. Unshackled from her awful marriage, there would be no stopping Marge.

Florida Divorce Benefits

I’ve written before that divorce comes at a high price. You walk away from your marriage with significantly fewer assets and retirement savings by virtue of the property division.

You can lose more if you have to pay support or alimony. Then there’s the emotional toll. But there may be a silver lining, some divorce benefits you were not aware of.

The Guardian suspects Marge may be better off after divorce, and there may be some truth to that theory. Divorce may have a few silver linings, some unknown or hidden benefits to take some of the sting away from an otherwise painful process.

The end of a marriage can mean the end of fights over money. That is a divorce benefit. There is no more struggle over which categories get priority in the budget; no more evenings spent fighting or pleading with a spouse to rein in spending.

Another benefit is that a divorce is one of the few times you can pull money out of your retirement account early and not pay an early withdrawal penalty. When the court enters a QDRO (a Qualified Domestic Relations Order) as part of a divorce, it allows for an early withdrawal from the account.

This money may be exempt from the typical penalty assessed, although income tax still needs to be paid if the money is not rolled into an IRA. Cashing out part of your retirement account can be very risky, but it gives you some benefit to your money you may not otherwise have.

Divorce could mean better investment returns. After a divorce, you have the opportunity to take over your own retirement planning and investments. Being the captain of your own financial ship could be a financial benefit in the long run. I have also written about there being some tax issues in divorce which may benefit you.

Sometimes you can structure your marital settlement agreement so that the lower-earning parent becomes the custodial parent, giving your student the best chance of qualifying for the most financial aid.

D’oh!

How would the Simpson children fair after divorce? Bart may be forced into taking on more responsibilities, which could curb his delinquent behavior. Lisa would see that there is a path in life that doesn’t involve being crushed by the weight of patriarchal expectations.

Lost in the Guardian article (as reported in the Los Angeles Times) is the fact that the Simpsons have been divorced before – for 12 whole seasons — according to various summaries of “Simpsons” episodes. In Season 8, Homer secretly divorced Marge because he believed she deserved better but then quickly remarries her at the end of the episode in a proper ceremony in front of all her friends.

Twelve seasons later, at the time of their second wedding, the Rev. Lovejoy’s license to officiate weddings had expired. So, unbeknown to them, the couple had apparently been divorced that whole time. It was an error they rectified, of course, by the end of the episode.

The Guardian article is here.

 

Superlawyers 2021

Ronald H. Kauffman PA is pleased to announce founding partner Ronald H. Kauffman’s selection to the 2021 Super Lawyers list in the area of Family LawSuper Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.

Family Law Superlawyer

Superlawyers

Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement.

The annual selections are made using a patented multi-phase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. The result is a credible, comprehensive and diverse listing of exceptional attorneys.

The Super Lawyers lists are published nationwide in Super Lawyers Magazines and in leading city and regional magazines and newspapers across the country. Super Lawyers Magazines also feature editorial profiles of attorneys who embody excellence in the practice of law.

Florida Board Certification

“Board Certification” in Florida, mean certification from The Florida Bar, and recognizes attorneys’ special knowledge, skills and proficiency in various areas of law and professionalism and ethics in practice.

Board certified lawyers are evaluated for professionalism and tested for expertise. Certification is the Florida Bar’s highest level of evaluation of the competency and experience of attorneys in the 26 areas of law approved for certification by the Supreme Court of Florida.

In addition to being named in Superlawyers, Ronald H. Kauffman is also board certified in marital and family law, currently serve on the Executive Council of the Family Law Section of the Florida Bar, and is a member of both the California and Florida Bars. Ron’s recent article “Like Home: The New Definition of Habitual Residence” was published in The Florida Bar Journal.

Ron is also a frequent speaker, and has lectured to different professional organizations including, the Florida Bar, American Academy of Matrimonial Lawyers, the Florida Chapter of the AFCC; Miami-Dade County Family Court Services; and The First Family Law American Inns of Court.

For more on Family Law Super Lawyers visit Superlawyers.

A Fast and Furious Divorce Property Division

Jordana Brewster’s divorce got expensive. The Fast and Furious star’s property division comes at a steep price as she has to buy out her ex-husband from their Los Angeles former marital home.

Fast & Furious 5,000,000

According to news reports, Brewster, 41, agreed to pay her ex-husband, Andrew Form, $5 million as part of their divorce settlement, The figure represents his half of their marital home in Los Angeles, which she will keep.

Additional details of the divorce settlement include that any income Brewster makes from the latest “Fast and Furious” movie is her separate, non-community property.

Her producer ex-husband also agreed that any income either earns “as a result of their personal and professional effort” from May 13, 2020 and beyond “shall be the separate property of the earning party.”

Neither Brewster nor Form will receive or pay spousal support. While a judge still needs to sign off on their agreement, Brewster and Form are legally single and co-parenting their two sons.

Florida Divorce and Property Division

I’ve written about houses and property divisions before. California is a community property state, but Florida is an equitable distribution state. In Florida, every divorce requires the court has to set apart nonmarital property, and distribute the marital property.

Florida judges always begin with the premise that the property distribution should be equal, unless there is a reason for an unequal distribution based on several factors.

One of the factors the court has to consider is the desirability of keeping the home for the kids or a spouse, if it’s equitable to do so, if it’s in the best interest of the child, and financially feasible.

Some spouses decide to sell but schedule the sale months or years into the future. This happens when a couple has kids, and both parents agree that the house shouldn’t be sold to preserve the school district or allow for easier timesharing.

There are other problems in a keeping a house in which your name is still on title. In the even that your ex-spouse does not pay the mortgage timely, your own credit will suffer the late notices.

And, if someone invited to your old home is hurt, that person will sue the record title owners for their damages. If your name is on title as an owner, that’s you! Making sure you have decent insurance on the house may be in order.

Many communities are experiencing a red hot real estate market. If you can’t wait for years, and need to sell immediately, there’s a silver lining in addition to this being a seller’s market. A fresh start and new beginning after a complete division of all of the assets tying you together with your Ex is the best way to go forward for some people.

However, there’s a cost of sale. When you sell your house, you pay a commission, and other expenses, like taxes, title expenses, repairs which can average about 10 percent of the sale price.

The California Marriage Massacre

Brewster and Form met while working on “The Texas Chainsaw Massacre: The Beginning.” Form was a producer on the film.

“We started dating in secret — you know, hanging out in my trailer — because it would have been unprofessional otherwise,” she previously told InStyle Weddings (via People). “But every day, Andrew wore these work boots to the set, and if I was lying down in the shot or there was equipment in the way, I’d look for his shoes. It was comfortable just to know he was nearby.”

They called it quits after 13 years of marriage in June 2020, and the actress filed for divorce the following month. In a deeply personal essay she wrote for Glamour, Jordana says she was compelled to divorce Andrew due to their vastly different schedules.

‘Most of why my marriage didn’t work was not my ex-husband’s fault,’ she said. ‘He loves work. He loves being on set, on location. I knew this from ages 27 to 32, but it became a problem for me once the kids were older. I wanted a partner.’

‘So, toward the beginning of the pandemic, Andrew and I decided to separate. The combination of being apart for most of the year for many years and growing apart emotionally took its toll.’

Just days after their separation, Jordana would reconnect with her current boyfriend Mason Morfit, whom she first met a few years earlier when they were both still married to other people.

‘Four days after I separated from Andrew, I was on a plane to San Francisco to visit this man I had met only once but who had stayed on my mind. I knew he’d been separated for two years. I wanted to see him, to confirm whether the image I’d built up in my mind matched reality. What I got was far more than I expected.’

During a time when the world avoided all contact, when it was mandated that everyone stay six feet apart, Mason and I blended into each other.’

The couple shared a five-minute long embrace and a kiss when they reunited at the airport. As far as Andrew, the movie producer has since moved on with actress Alexandra Daddario, who debuted their romance in May 2021 with a kissing snap.

‘I love you . . . and even that is an understatement,’ she captioned the photo.

The Fox News article is here.