The Madoff effect on divorce

The New York Times had an interesting article about the impact of the Madoff ponzi scheme on divorce cases. The article can be read here:  http://dealbook.nytimes.com/2011/05/30/madoff-victim-seeks-do-over-in-divorce-deal/?emc=eta1

In New York, like in Oregon, the property portion of a divorce ruling/settlement cannot be modified.  In order to set aside a ruling a person has to make a specific showing of fraud and the hurdle is very high.  The article discusses the fact that individuals who had large holdings with Madoff and had to pay an equalizing judgment to their spouse for those funds on divorce are potentially out millions of dollars.  The individual in the article is asking the court to reopen his case saying that the asset held with Madoff was not really an asset at all.

About Daniel Margolin

Daniel Margolin is a founding partner of Stephens & Margolin LLP and a Portland, Oregon native. His practice focuses on all aspects of family law litigation. Dan applies his litigation expertise to provide additional expertise when assisting clients with Family Law Appeals and Collaborative Divorce matters. To find out more or contact Daniel Margolin, visit Stephens & Margolin LLP
This entry was posted in Divorce. Bookmark the permalink.

2 Responses to The Madoff effect on divorce

  1. This post is seem like very interesting and I love to know more information on this. Thank you for sharing with us.

  2. I’ve been told that there are several recent divorcees who are asking the courts to set asside portions of their divorce decree because of the Madoff scandal – very tragic indeed 🙁

Leave a Reply

Your email address will not be published. Required fields are marked *