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Divorce: What Would You Do With $184 Million Dollars
A Chicago judge in fifty-five-year-old homemaker
Maya Polsky's divorce case ruled last October she's
entitled to 50 percent of the family assets or - about
$184 million. This is believed to be the largest divorce
award in U.S. history. The Polskys immigrated to the
United States from Ukraine in 1976 with only four
suitcases and $500 cash. The husband went on to
build independent energy producer SkyGen Energy
and sell it for $450 million in 2000. The wife stayed
home and raised the children, and took care of the
home and her husband.
Mrs. Polsky's
attorney argued successfully that the couple had
been equal partners all the way: the husband
provided "sustenance and security" and the
wife "provided love, support, advice and counsel."
Speaking about the award one law school
professor said, "It really puts to the test this notion of
marriage as a complete partnership."
Contact Us to Find Out More About How Marital Assets are Divided in a Divorce
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Greetings,
The lazy, hazy summer days are here! It's a time to
relax, take it easy, get outdoors more and find a new
schedule. It's also a time for you to attend to those
things you have put off because you just did not
have the time to get to them before.
Remember that New Year's resolution you made way
back in January? Now is the time for you to give
yourself a midterm grade, and take the steps
necessary to complete that resolution.
We at
the Law Offices of Angela Barker LLC are
committed to help ease the transition through the
various life stages: whether it be a family addition
through adoption; or a change in the family structure
as a result of a marriage, divorce, or separation. We
are there for you as you buy or sell your home, and we
assist our clients in planning for their or their loved
ones' golden years and help them pass their savings
on to the next generation. People are our business.
For the benefit of our clients and the communities we
serve we have developed this newsletter as a legal
and consumer resource. Enjoy.
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| The All-Important Will |
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Every adult needs an up-to-date will. A will is still
necessary even if you think you do not have much
assets to leave behind. Without a Will your family will
have to deal with the Courts during the time that they
are trying to cope with the loss of a loved one.
In New York and New Jersey if you die without a Will
your estate goes into a process
called "administration" which may be even worse that
probating a well-drafted Will. A Will along with trusts,
and a power-of-attorney, provides for a wide-range of
unpredictable events. For example, if a parent dies
without a Will and leaves a minor child behind,
significant assets may go to the minor child without
any safeguards to ensure that the assets will be
managed in such a manner that they will last to
provide for the minor child's education, housing, and
other needs until adulthood.
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Contact Us To Find Out More About Estate Planning! |
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| 7 Things To Do Before You Buy Your New Home |
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Buying your first home can be an exhilarating but
daunting experience. Before you buy your home, here
are 7 things you should do to lessen the stress you
may encounter.
1. Clean up your
credit - If you have poor credit you will pay a higher
interest rate for the loan.
2. Save - Closing
costs may run you $10,000 or more.
3. Get
pre-approved for your loan.
4. Research the
neighborhood - If you have kids make sure that the
school district is a good one.
5. Make an offer
contingent on an inspection.
6. Ask the seller
for utility bills - This will give you a true reflection of
the monthly cost for the home.
7. Don't
change your financial status - If you take on too much
debt your pre-approval loan may be denied before
closing.
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Contact Us About Buying a Home |
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