Tag: dissipation and divorce

Dissipation and Soccer

Posted by Ron Kauffman on

Hiba Abouk, the wife of Moroccan soccer star Achraf Hakimi, filed for divorce only to discover she may be the victim of a massive dissipation of marital assets. Many are wondering if Abouk will walk away empty-handed after her husband passed all of his assets to his mom.

Dissipation Divorce

Red Card?

Hiba Abouk was born in Madrid, and is the youngest of four children. She is also a successful actress, and has amassed a small fortune throughout her career in television. The 36-year-old Spanish model is approximately worth $3 million.

Achraf Hakimi is one of the highest paid Moroccan professional soccer players, and is currently playing for Paris Saint-Germain and the Morocco national team. He began playing for Real Madrid Castilla in 2016, then signed with Inter Milan, and after helping the club win the 2020–21 Serie A title – their first in 11 years – signed with Paris Saint-Germain. Hakimi’s wealth is estimated to be around $70 million, as per media reports

The pair started dating in 2018 and got married in 2020. Together, they have two boys. But then in March 2023, a 24-year-old woman filed a complaint against Hakimi accusing him of raping her in his house in Paris while his wife and two sons were away on holiday.

French prosecutors indicted Hakimi on rape charges after he was questioned by investigators. Hakimi’s mother has claimed that the charges against her son are false, and she is confident that her son is innocent.

Abouk filed for divorce after returning in March 2023, but to her shock, her husband had no properties or money in the bank in his own name. According to reports Hakimi had registered all of his assets in his mother’s name and may even have assigned to his mother most of his salary.

Florida Dissipation

I’ve written about dissipation of marital assets and unequal distribution of assets before. In a proceeding for dissolution of marriage, when distributing the marital assets between spouses, a family court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors.

Some of the factors to justify an unequal distribution of the property include things like the financial situation the parties, the length of the marriage, whether someone has interrupted their career or an educational opportunity, or how much one spouse contributed to the other’s career or education.

Another important factor is whether one of the parties intentionally dissipated, wasted, depleted, or destroyed any of the marital assets after the filing of the petition or within two years prior to the filing of the petition.

Dissipation of marital assets, such as spending marital funds on extramarital relationships (buying expensive gifts for a girlfriend) or putting the family home in mom’s name, or excessive gambling are examples which happens a lot. Less common are schemes like transferring all of your assets and assigning 80 percent of your income to a family member. Misconduct may serve as a basis for assigning the dissipated asset to the spending spouse when calculating equitable distribution.

Misconduct, for purposes of dissipation, does not mean mismanagement or simple squandering of marital assets in a manner of which the other spouse disapproves. There has to be evidence of intentional dissipation or destruction.

Dissipation Soccer

A Rat in Rabat?

According to media reports, Abouk filed her divorce claim and demanded half of the World Cup star’s fortune before she discovered the bitter truth: that Hakimi’s mother had it all. Media reported that court officials have told Abouk that her husband legally owned nothing and that all his millions, and even his PSG salary, were registered under his mother’s name.

Morocco World News reported last year that Hakimi was the sixth highest-paid African footballer, earning more than $215,000 a week. However, his wife was astonished when she was told by the court that more than 80 percent of his salary is credited to his mother’s bank account.

He appears to have no properties, cars, or jewelry registered in his name. After the financial disclosure, Hakimi is now entitled to seek half of his ex-wife Hiba Abouk’s net worth, which is rumored to be $3 million.

Hakimi’s lawyer, Fanny Colin, said that her client being indicted was an “obligatory step for any person being accused of rape,” and would allow the footballer to defend himself.

The Morocco World News article is here.

Catastrophic Fraud After Divorce

Posted by Ron Kauffman on

Fraud can lurk in every divorce case. After the divorce ends, lawyers, professionals, experts, and judges have all moved on to other cases. That is the time many clients and their divorce settlements can be exposed to catastrophic fraud – as one Tennessee woman is reported to have discovered.

divorce fraud

Beale Street Blues

Lawyers act as fiduciaries to their clients during a family law case. Accountants, financial planners, and others can become fiduciaries after the divorce. In a fiduciary relationship, the  duties involved need not be strictly legal; they can also be moral, social, domestic or personal.

In 2003, Ms. Loveland received approximately $1.3 million dollars in connection with her divorce. Knowing that these funds would be vital to her future retirement, she sought out an investment advisor who could manage her assets as she claims she had no knowledge or experience with investments, securities, or financial markets.

Ms. Loveland met with her long-time accountant, who referred her to his friend, Mr. Lentz. She then agreed to allow Lentz to manage her assets. She alleges she informed him that she knew nothing about finance or securities, and that she was relying entirely on his discretion and judgment to manage her investments for her.

Mr. Lentz reassured her that he would take good care of her and would manage her assets in a reasonable and responsible manner, ensuring that she would enjoy some return on her investments while protecting her principal asset base.

However, Ms. Loveland discovered to her shock that Mr. Lentz filled out an Options Account Request Form, purportedly on her behalf, in which he allegedly indicated that her investment objective was “Growth” and that her trading experience was “Extensive.”

According to the lawsuit, Lentz allegedly used “DocuSign” to forge Ms. Loveland’s signature to the Options Account Request, and is also alleged to have cut and pasted customer’s signatures onto forms without their authorization, and arranged to receive Loveland’s financial statements on her behalf.

Last summer, after discussing employment prospects for roughly an hour, Lentz told her:

“now for the bad news . . . you have no money left, it’s all gone.”

Loveland’s divorce settlement of around $1.3 million is now worth around $7,000 and she has filed a lawsuit in a Tennessee federal court against Lentz and his companies.

Florida Divorce Fraud

I’ve written about various aspects of divorce fraud before. Interestingly, Ms. Loveland’s case is not about fraud against her ex-husband, but misconduct which occurred after her divorce, involving the loss of her $1.3 million divorce settlement.

What happens if the fraud is caused by a spouse? In Florida, courts distribute the marital assets, such as bank accounts, between parties under the premise that the distribution should be equal, unless there is a justification for an unequal distribution.

Some of the factors to justify an unequal distribution of the property include things like the financial situation the parties, the length of the marriage, whether someone has interrupted their career or an educational opportunity, or how much one spouse contributed to the other’s career or education.

Another important factor is whether one of the parties intentionally dissipated, wasted, depleted, or destroyed any of the marital assets after the filing of the petition or within 2 years prior to the filing of the petition.

Dissipation of marital assets, such as taking money from a joint bank account, happens a lot. Less common are scams like forging names and diverting financial statements. The misconduct may serve as a basis for assigning the dissipated asset to the spending spouse when calculating equitable distribution.

Misconduct, for purposes of dissipation, does not mean mismanagement or simple squandering of marital assets in a manner of which the other spouse disapproves, such as day trading stocks. There has to be evidence of intentional dissipation or destruction.

However, if the fraud is not from a spouse during divorce, but mismanagement of your divorce settlement by anyone who is not your spouse, you are limited to civil causes of action in civil court, as opposed to family court.

Going to Graceland

Ms. Loveland’s lawsuit alleges a lot of damages. She was forced to surrender a Long-Term Care policy that she paid premiums on since 2004 and surrender a $250,000 Life Insurance Policy in which she had invested over $18,000.00 because she can’t pay the nearly $5,000 premiums.

Loveland alleges that as a result of Lentz’ actions:

“now, at the age of sixty-four, forced to work long hours for Uber and DoorDash merely to make ends meet.”

Ms. Loveland has sued in civil court for violation of the Tennessee Securities Act, breach of fiduciary duty, negligence, among other causes of action, and is seeking punitive damages.

The Wealth Professional article is here.

Divorce and Crime

Posted by Ron Kauffman on

Divorce and crime are in the news after the estranged wife of former San Diego congressman, Duncan Hunter, filed for divorce after more than a year of separation amid a corruption prosecution that netted them both felony convictions.

Divorce and Crime

Trouble in America’s Finest City

Margaret Hunter is seeking a divorce because of “irreconcilable differences,” and requests joint legal custody of their two daughters according to court records filed in San Diego Superior Court. She seeks physical custody of their daughters and reasonable visitation with their father. She also asked the court to award her spousal support and attorney’s fees and costs.

The divorce filings do not include any details about the “irreconcilable differences” that ended the marriage. An attorney for Margaret said she had no comment. A spokesman for Duncan did not immediately respond to requests for comment Wednesday.

Duncan Hunter has been living with his mother and father, Former Rep. Duncan Lee Hunter. The divorce records say Margaret and their daughters have lived in La Mesa since the couple separated in August 2019.

Duncan Hunter served as a U.S. Representative from 2013 to 2020 and succeeded his father, Republican Duncan Lee Hunter, a member of Congress from 1981 to 2009.

In 2017, the Department of Justice began a criminal investigation into Hunter and his campaign manager and wife Margaret Jankowski, for alleged campaign finance violations. The couple was indicted in federal court in August 2018 for allegedly using more than $250,000 in his campaign funds for personal purposes.

Margaret had been Duncan’s campaign manager. Both initially pleaded not guilty then separately changed their pleas last year, with each admitting to one felony count of conspiring to illegally convert campaign money to personal use.

Florida Property Division and Dissipation

I have written about equitable distribution in Florida before. In a proceeding for dissolution of marriage, in addition to all other remedies available to a court to do equity between the parties, a court must set apart to each spouse that spouse’s non-marital assets and liabilities.

When distributing the marital assets between spouses, a family court must begin with the premise that the distribution should be equal, unless there is a justification for an unequal distribution based on all relevant factors.

One of the factors to consider is the “intentional dissipation, waste, depletion, or destruction of marital assets after the filing of the petition or within 2 years prior to the filing of the petition.

As a general rule, when misconduct during the divorce results in the dissipation of a marital asset, the misconduct may serve as a basis for assigning dissipated assets to the spending spouse when calculating equitable distribution.

The question is whether a spouse used marital funds for his or her own benefit and for a purpose unrelated to the marriage at a time when the marriage is undergoing an irreconcilable breakdown.

Thrown Under the Bus

In a Fox News interview, the congressman firmly put the blame for his campaign shenanigans where it belongs . . . on his wife:

“I’m saying when I went to Iraq in 2003 the first time, I gave her power of attorney and she handled my finances throughout my entire military career and that continued on when I got to Congress since I’m gone five days and home for two. She was also the campaign manager. So, whatever she did, that will be looked at, too, I’m sure. But I didn’t do it.”

Duncan told a Fox News reporter shortly after the indictment that he had given his wife power of attorney when he was deployed to Iraq with the U.S. Marine Corps in 2003, and she handled his finances after that.

The indictment and other court records prosecutors filed in Duncan Hunter’s case before he pleaded guilty last year suggested Duncan carried on extramarital affairs with at least five women — three lobbyists, a staff member and a congressional aid — and used his campaign money to pay for weekend getaways and other outings with them, starting in 2009.

Margaret cooperated with prosecutors during their investigation, and they agreed to seek a lighter sentence. She was sentenced in August to three years of probation and eight months of house arrest, which she began serving immediately.

Duncan was sentenced in March to 11 months in prison, which he is scheduled to begin serving Jan. 4. His lawyer said he will do his time at the Federal Correctional Institute La Tuna in Anthony, Texas. Duncan resigned from his seat representing the 50th District in Congress in January.

The San Diego Tribune article is here.

Dr. Dre, Divorce, and Dissipation

Posted by Ron Kauffman on

Rapper, Dr. Dre, and his wife Nicole Young’s divorce is in the news again as she is alleging dissipation in court documents, that Dre “secretly” transferred “valuable trademarks” they jointly owned — both the name “Dr. Dre” as well as his hit album The Chronic— after allegedly kicking her out of their home in April.

Dissipation

What’s the Difference?

Some couples divorce amicably, recognizing that a divorce is best concluded when they come to a quick and fair resolution as soon as possible so they can get on with their lives.

For other couples, divorcing is a lot more difficult. In high conflict cases, greed, anger, and spite are overwhelming, and the process can quickly spiral into all-out war fought over every dollar.

A common dirty trick in divorce is to “dissipate,” or waste, marital assets. When a person tries to dissipate assets, it means they are intentionally squandering marital property to prevent his wife from getting her fair share of it in the divorce settlement.

In the lawsuit, Young alleges that shortly after being “forced to leave their family home,” Dre, 55, registered a new holding company and then began transferring “highly valuable trademarks,” misrepresenting himself as the sole owner.

“Andre’s plan all along was to deny Nicole’s ownership rights,” the lawsuit alleges, claiming that the transfers were made before Dre threatened to file for divorce on June 27. Young went on to initiate proceedings two days later, on June 29.

Although Young claims she has “demanded return of the trademarks,” Dre has “failed and refused to do so. It is inequitable and unjust to retain ownership of the trademarks, and the value they hold, without paying Nicole or allowing her to maintain her equal ownership,” the lawsuit alleges.

Young is seeking damages in an amount to be determined at trial and wants the trademarks in question to be transferred to a trust.

Florida Divorce Fraud

I’ve written about various aspects of divorce and fraud before. In Florida, courts distribute the marital assets, such as bank accounts, between parties under the premise that the distribution should be equal, unless there is a justification for an unequal distribution.

Some of the factors to justify an unequal distribution of the property include things like the financial situation the parties, the length of the marriage, whether someone has interrupted their career or an educational opportunity, or how much one spouse contributed to the other’s career or education.

Another important factor is whether one of the parties intentionally dissipated, wasted, depleted, or destroyed any of the marital assets after the filing of the petition or within 2 years prior to the filing of the petition.

Dissipation of marital assets, such as taking money from a joint bank account, and transferring money and assets into separate accounts. In both cases, the misconduct may serve as a basis for assigning the dissipated asset to the spending spouse when calculating equitable distribution.

Misconduct, for purposes of dissipation, does not mean mismanagement or simple squandering of marital assets in a way the other spouse disapproves. There has to be evidence of intentional dissipation or destruction.

Big Egos

Young, who filed for divorce in June after 24 years of marriage, is asking for nearly $2 million in monthly temporary spousal support and is also seeking $5 million in legal fees, according to court documents previously obtained by People.

Young has claimed that her husband’s “net worth is estimated to be in the ballpark of $1 billion” in the filing, adding that he earned much of that sum during their marriage.

The rapper previously filed a response, revealing that the couple had a prenuptial agreement — despite initial reports that said they did not have one. Young, however, has disputed the validity of that agreement, claiming that she was forced to sign it and that Dre ripped it up, rendering it invalid after they were married.

The People article is here.

 

Another Case of Fraud and Divorce

Posted by Ron Kauffman on

A 77-year old Tampa businessman filed to divorce his 26-year-old wife who may have tried to steal $1,000,000.00 from him. Is this yet another case of divorce fraud, and if so, what can be done? The Husband’s divorce attorneys at Sessums Black Caballero Ficarrotta will have to find out.

Divorce Fraud 3

A Tampa Bay Buccaneer

Court records show that 77-year old Richard Rappaport’s attorney filed an action for dissolution of marriage against his 26-year old wife, Lin Halfon, on Friday, Jan. 10. The couple was married in Sarasota in August.

Halfon won’t have an easy time getting to divorce court because she’s been incarcerated for a month at the Hillsborough County Jail on Falkenburg Road.

She is facing charges of money laundering, organized fraud, exploitation of the elderly and conspiracy to commit money laundering.

His wife, Ms. Halfon, has been charged with money-laundering, organized fraud and exploitation of an elderly person after being arrested at Tampa international airport in Florida.

Florida Divorce Fraud

I’ve written about various aspects of divorce fraud before. In Florida, courts distribute the marital assets, such as bank accounts, between parties under the premise that the distribution should be equal, unless there is a justification for an unequal distribution.

Some of the factors to justify an unequal distribution of the property include things like the financial situation the parties, the length of the marriage, whether someone has interrupted their career or an educational opportunity, or how much one spouse contributed to the other’s career or education.

Another important factor is whether one of the parties intentionally dissipated, wasted, depleted, or destroyed any of the marital assets after the filing of the petition or within 2 years prior to the filing of the petition.

Dissipation of marital assets, such as taking money from a joint bank account, happens a lot. Trying to cash a million dollar check at a payday loan store . . . less so. In both cases, the misconduct may serve as a basis for assigning the dissipated asset to the spending spouse when calculating equitable distribution.

Misconduct, for purposes of dissipation, does not mean mismanagement or simple squandering of marital assets in a manner of which the other spouse disapproves. There has to be evidence of intentional dissipation or destruction.

When it’s Friday and Payday!

This divorce fraud case may also get entered into the world’s dumbest criminal’s museum. She’ll join a trio of drug thieves who broke into a Florida home, snorted the contents of three jars – which were in fact urns – only to discovery they’d inhaled the remains of two cherished dogs.

The Wife went to a payday loan company called, Amscot, and tried to cash a $1 million check with both of their names on it. Court documents said Rappaport’s wife returned to the bank with three checks in the amount of $333,000. The police investigation began after an employee refused to cash the checks.

After being notified by investigators, Rappaport said he wanted to give his new wife the benefit of the doubt and did not want her to be deported. When asked later if he felt he was the victim of fraud, Rappaport told investigators, “yes.”.

The Wife’s defense attorney Todd Foster said he plans to file motions asking for bond and evidentiary hearings and asked:

“Can a wife steal from her husband? Is that a crime? We’re looking at that.”

Rappaport’s daughter said in an arrest affidavit that his family members were unaware of the marriage and believed Halfon was ‘conning’ Rappaport due to his age” according to the arrest affidavit.

The Wife’s attorney claims it “was a valid marriage” and that they loved each other.

Tampa’s Channel 8 article is here.