In the vast majority of divorce
cases, a settlement is reached prior to a final hearing.
In doing so, an integral and
necessary part of reaching a settlement is agreeing on the value of assets and
liabilities of the marital estate. There are numerous ways to value marital assets,
but ultimately the parties must agree on the value if they wish to reach an
out-of-court settlement. Most assets (such
as bank accounts) are valued at the date of filing of the Petition for
Dissolution.
So, what happens if the value of the
asset you agreed to take in settlement loses significant value at a later
date? You are stuck with it. There are risks associated with taking
certain assets such as real estate or stocks due to the fact that the values
are subject to change. The value may
decrease and there may be additional expenses associated with the maintenance
and upkeep of the real estate. Such was
the case in a recent divorce for a couple of high net worth. The link provided below discusses a New York
divorce wherein the husband’s share of the settlement was largely comprised of
Bernie Madoff investments. We all know
how that turned out. Well, after being
defrauded, the now ex-husband went back to his ex-wife seeking to modify the
settlement agreement. Understandably,
she was not open to that proposal.
The
New York courts determined that the ex-husband could not re-open the marital
estate. While New York law is not
controlling in Indiana, the lesson set forth in the article is instructive.
http://www.forbes.com/sites/jefflanders/2012/05/01/divorce-is-final-no-do-overs-allowed/
New York and Indiana courts (and
presumably every other state) prefer finality to a divorce matter. If divorced individuals were permitted to
return to court years later seeking to change the terms of a property
settlement, our already stressed judicial system could be overrun. Thus, absent a showing of some manifest
unfairness or fraud, property divisions are not modifiable. Therefore, parties should have counsel that
advise of any risks that may be associated with a settlement agreement as once
the agreement is finalized, it are division may not be modified at a later date.
It should be noted that this
finality does not apply to child-related matters. Issues related to custody and support are
always subject to review upon the request of a party.
At Hollingsworth
& Zivitz, P.C., our team has the experience, the understanding, and the
compassion to assist with your family law needs. If you have questions or
concerns regarding divorce, custody, support, or any other family law concerns
contact our firm at 317.569.2200 or hzlegal.com.
As you may know, family law issues vary from state
to state. In Indiana, a custodial parent granted sole legal custody has the
authority to determine the child’s upbringing. In order to limit such
authority, the noncustodial parent must show that without any limitations
placed on the custodian’s authority over the child, the child would be harmed
in some manner. Specifically, it must be shown that the custodian’s authority
would endanger the child’s physical health or that the child’s emotional
development would be significantly impaired.
Therefore, were the parties to this case to appear in front of an
Indiana Court on the issue of religious upbringing after the entry of their
Decree of Dissolution, it would be Cruise’s burden to show that Suri’s physical
health was endangered or her emotional development was impaired by the practice
of Catholicism (should Katie choose to have the child practice such) and, thus,
should not be allowed. 
The examples discussed are just a few of many
potential variables to consider when valuing a marital estate and it is
important to consult an attorney if you have questions concerning what you may
or may not be entitled to in the event of divorce. The linked article goes to a brief, but good
discussion, on factors that could play a role in your case.
Generally, a Court’s considers “educational expenses”
to include tuition, books, lab fees, supplies, and student activity fees. Room and board will also be included when the
student resides on campus or otherwise is not with the custodial parent. Typically, a Court will not require parties
to contribute amounts in excess of what it would cost to send their child to an
in-state public university for four-years.
However, as we often note in family law issues, parents and their children
are able to reach agreements specific to the individual needs and
circumstances. 
· Try
to avoid talking on the telephone. If it is not an emergency situation, limit
your communication to e-mail. If you feel yourself getting angry, step away from
the computer. Remember that anything you putting in writing could potentially
be used against you in future litigation!
This may sound a bit paranoid, but if you sense a
divorce filing may be on the horizon, the more information you can provide to
your attorney, the better prepared you will be.
For
a spouse who is does not have health insurance available through their
employer, it is highly recommended to research options and costs to obtain
coverage once the divorce is finalized. COBRA is an option for a spouse looking
for coverage however, this can very expensive and is only available for up to
36 months. Parties going through divorce
should make arrangements prior to the finalization of their divorce to ensure
there is no period they are without medical insurance. 
At
Hollingsworth & Zivitz, P.C., our team has the experience, the
understanding, and the compassion to assist with your family law needs. If you
have questions or concerns regarding divorce, custody, support, or any other
family law concerns contact our firm at 317.569.2200 or hzlegal.com.
Just as with younger individuals, the older cohabitating couple not contemplating marriage may want to consider a cohabitation agreement. In fact, in many circumstances the older couple would benefit more as it is likely they will have accumulated assets such as a home, vehicles, and other significant tangible and intangible assets that should be protected in the context of a committed, but not married, relationship. 