Who Are Burt and Lovey Handelsman?

Even if you have not heard the names Burt and Lovey Handelsman, their business dealings play a role in the lives of many Floridians. The Handelsmans own approximately $750 million in commercial real estate in Florida and New York state. Among their most famous holdings are the upscale shops on Worth Avenue in Palm Beach. Burt and Lovey are both in their late 80s; they have gradually built their real estate empire over the course of their 67-year marriage, and their three children are also involved in the family business.

In 2016, Lovey filed for divorce, convinced that Burt was having an extramarital affair with Jane Rankin, a friend of the Handelsmans who has also been involved with the family real estate business.  Burt denies the affair; he believes that the couple’s children have intentionally alienated Lovey from him, thinking that they will gain more of the family wealth sooner if their parents divorce. The couple’s son and two daughters deny these claims.

What Is Notable About the Handelsmans’ Divorce?

First, there are long marriages, and then there is 67 years. There is wealthy, and then there is $750 million dollars, including some of the most stylish hangouts in Delray Beach, Key West, and Palm Beach. Burt is not the only person surprised that an 88-year-old woman would decide to divorce the man to whom she has been married since her early 20s, after they have had children and grandchildren together and have gone from modest means to being some of the wealthiest people in Florida. From a legal standpoint, though, perhaps the most notable thing is that Lovey’s attorney requested to have the judge issue a decree of dissolution of marriage quickly, even before financial matters have been resolved. It is possible for judges to finalize divorces which postponing decisions about division of property, but this usually happens when one party has a terminal illness. Because the Handelsmans are very healthy for their age, the divorce trial will begin in February 2018.

Contact Alan Burton About High Asset Divorce

You do not have to own the fanciest shops in Palm Beach for division of property to be complicated and confusing. Contact Alan R. Burton in Boca Raton, Florida with questions about your divorce case.

Background of the Wayne v. Einspar Case

Matthew Wayne and Susan Einspar divorced in 2013, after their son had reached adulthood. At the time of their divorce, both parents had separately cosigned for various loans for their young adult son. Wayne was a cosigner on the student loans, and Einspar was a cosigner on the car loan. In the original divorce decision, the court did not count the loans as marital property.  Additionally, the court required Wayne to pay permanent alimony to Einspar and to keep a life insurance policy with Einspar as the beneficiary in order to secure this alimony. Wayne filed an appeal, challenging the court’s original decision on 10 counts, many of them related to alimony.

The Appeal

Wayne appealed many aspects of the court’s decision regarding the couple’s finances. He disagreed with the award of permanent alimony and the way the court calculated his net income.  He also challenged the fact that the court did not impute Einspar’s income; that is, it did not take into account her income potential. The court rejected most of his requests; in fact, it only reversed its decision on two of the 10 counts.

In deciding the appeal, the court gave Wayne credit for paying temporary alimony to Einspar during the approximately two years between when the couple filed for divorce and before the divorce was finalized. Temporary alimony is one of six types of alimony in Florida; it is paid only as long as the divorce case is ongoing, and it automatically ends when the court issues a divorce decree.

The court also ruled, in response to Wayne’s appeal, to count the student loan and car loan as marital property. In Florida, all assets and debts accrued by either spouse during the marriage are generally considered marital property, even if they are not registered in the names of both spouses. Since Wayne and Einspar had taken out the loans for their son before filing for divorce, the court declared in the appeal ruling that these debts were marital property.

Contact Burton Law With Questions About Complex Divorce

Family finances are never simple when a divorce happens after a long marriage. Contact Alan Burton in Palm Beach County with questions about alimony and division of property.

During a divorce, Florida law requires the fair and equitable division of all jointly-owned property and this law applies to debts, as well. However, dividing up debts can be complex, especially if some debts are owned individually and others jointly. The name on the debt does not always mean that person will be solely responsible for the payments, however, and it is important to discuss debt division with an experienced divorce attorney who understands the relevant law. The following is some brief information regarding the division of certain debts in divorce:

Student Loans

Student loans are often individual debts unless the spouses cosigned on the loans or the loans were acquired during the marriage. In such cases, the loans would be considered marital debt and you may be held responsible for sharing the payment unless you and your spouse can agree otherwise. However, even if you agree that your spouse will be responsible for the loans, your name will likely remain on the loans and any failure to repay could affect your credit.

Credit Card Debt  

Credit cards are generally in the name of one person only and the other spouse is generally made an authorized user. However, if the debt was incurred during the marriage, it will likely be considered marital debt regardless of whose name is on the account. One exception to this may occur if your spouse purposely racked up a significant amount of debt in anticipation of the divorce. In such cases, a court may determine that debt will be their responsibility.

Mortgage

If you and your spouse bought a home together, your mortgage will likely be the largest debt you have. In many cases, especially if you do not have children, you may decide to sell the house to eliminate the debt all at once. However, if your spouse decides to stay in the home, you will likely have your part of the debt bought out. If you stay in the home and you cannot afford to buy your spouse out of the mortgage, you may be able to come up with another way to make up for it, such as giving them a greater portion of your assets or other property.

Contact a Divorce Attorney in Boca Raton for Help

When you are facing divorce, you likely already have enough financial concerns without having to worry about paying your spouse’s debts. Experienced divorce attorney Alan R. Burton knows how to fight for your right to a fair division of debt in line with Florida property division laws. In addition, Mr. Burton will assist in ensuring all child or spousal support determinations are fair so that you can emerge from your divorce in the best financial situation possible. We offer free consultations, so please contact our office at 954-229-1660 for help today.

Marital assets generally include any property that is acquired by either spouse through the duration of the marriage. This can include real estate, investments, retirement accounts, cash, and personal property. Even if only one spouse purchases a property or opens a retirement account, if he or she uses would-be marital funds to do so, the property will be considered marital regardless of the name(s) on the title. All too often, a spouse believes that because he or she started a business or titled a vehicle in only one name, that the property will be considered separate. In fact, in these situations, any business proceeds or vehicle equity acquired during the marriage should be divided between the spouses. If marital funds were used to acquire the property or if the proceeds of the property/assets would benefit both spouses, the classification should generally be “marital.” This can be confusing in many situations, so it is wise to review all property and asset classification with an experienced divorce attorney who understands Florida law.

What Is Separate Property?

Separate property generally includes the following:

• Property or assets acquired prior to the marriage;
• Property acquired as a gift to one spouse (even during the marriage);
• Assets or property received through inheritance (even during the marriage);
• Assets that can be traced to separately-owned property;
• Any property agreed to be separate in a written prenuptial agreement.

The above are not hard and fast rules, however, as situations can arise in which traditionally separate property can become marital property. For example, if one spouse receives money as an inheritance and uses it to purchase a home for the family, including the spouse, that house would likely be considered marital property even though it was acquired through a separate inheritance. Many other complex situations can arise in which the lines between marital and separate property can be blurred and misclassification can easily occur.

Discuss Your Divorce Case With an Experienced Boca Raton Divorce Lawyer

At the law office of divorce attorney Alan R. Burton in Boca Raton, we have helped to ensure that many individuals receive the proper and fair distribution of property and assets that they deserve in divorce. You do not want to risk your spouse taking your rightfully owned property or any other unfair outcome in your divorce, so please call our office for a free consultation today at 954-229-1660.

Disagreements Can Be Costly

In the popular movie When Harry Met Sally, a main character is discussing divorce and states, “This eight dollar dish will cost you a thousand dollars in phone calls to the legal firm of That’s Mine, This Is Yours.” While intended to be humorous, this concept is unfortunately a reality for many contemptuous divorcing spouses. When spouses refuse to agree on certain issues, those issues must be decided by the court and such litigation can be costly. In order to avoid spending $1,500 in legal fees determining what happens to $300 worth of holiday decorations, it is always best that you and your spouse attempt to agree on how the personal property will be divided. If there are certain items that cause particular sticking points, a mediator may be able to provide a more efficient resolution than taking the issue before the court.

Beware of Overbroad Clauses in the Divorce Agreement

Some divorce decrees may contain a standard clause reading something similar to: “Each party shall keep the personal property in that party’s possession, free and clear of any claim of the other.” While this clause can seem like a quick alternative to discussing every piece of personal property, it often leads to a highly disproportionate and inequitable division of the personal property.

For example, if you moved out of the family home into an apartment and took only the basic furniture and household items you need, those are the items that would be considered “in your possession.” Meanwhile, your spouse would still be in possession of an entire house’s worth of personal property, including everything stored in the basement, shed, garage, etc. While such items may seem like an inconsequential loss at the time, replenishing property such as tools, camping supplies, appliances, and any other such items can be extremely expensive.

Even if you do not want to divide each item up, you are still entitled to an equitable amount of the value of the personal marital property. The value of the property left in the house can be determined and your spouse can be required to pay you for your share if they retain possession of that property. This compensation can help you replace items and start over in your new home. This is only one of many options for handling the division of personal property in a divorce.

Contact a Boca Raton Divorce Attorney Today

Experienced Boca Raton divorce lawyer Alan R. Burton can help with the many issues that will arise in your divorce. Please call today for help at 954-229-1660.