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Socialite balks at the bill for her high asset divorce

Lifestyles of the rich and famous are, to many Massachusetts residents, something to be envied. Many people wonder what it would be like to be able to spend millions without batting an eye. One socialite did just that. She and her now ex-husband spent millions each year on a variety of things before settling a high asset divorce. Now, after the divorce has been finalized, the woman, Lara Trafelet, is balking at the cost of her divorce. 

The woman is suing the forensic accounting firm for charging what she claims is a shocking amount of money for their services. She claims that she is unable to pay the exorbitant amount. However, the firm disagrees and claims that she only wishes to avoid paying all of her legal fees.

Avoidable alimony mistakes

Thousands of couples divorce across the country every year. It can be a very stressful process for everyone involved. Some couples in Massachusetts, as well as other states, find it difficult to get along during the divorce proceedings. Unfortunately, some couples are never able to get along as well as they once did, especially when alimony or other support payments are involved. In fact, there are many ex-spouses who go through a great deal of trouble in order to avoid paying large amounts in alimony, but these extreme measures can sometimes backfire. 

One mistake that some people make is failing to consult with an expert. These experts, usually an accountant, can help the couple to come up with a manageable amount of money that will allow both parties to maintain their lifestyles. They may also be able to prevent the ex-spouse who is paying the alimony from making rash decisions, such as paying a very large lump sum rather than smaller payments over time.

Man jailed for failing to pay child support

Marriage can be rewarding for many couples, but it is rarely easy. Many Massachusetts residents may know of at least one couple who has chosen to file for divorce rather than try to make a difficult marriage work. It is also not uncommon for these couples to have children. Often, parents can come to an agreement regarding custody and child support payments, but sometimes, one parent may have difficulty collecting these payments from his or her ex-spouse. This can result in jail time for the parents who fall behind on or fail to make their child support payments. 

Some people might be familiar with the former "Taxi King," Gene Freidman. Last year, he was arrested for tax fraud and was stripped of nearly 1,000 taxi medallions. However, barely a year later, Freidman was back in court for failing to pay more than $100,000 in child support to the mother of his 14-year-old son. 

What is child support used for?

Even though you and your child's other parent have split, you still care about the health and well-being of your children. One way you can continue to provide for your kids is through child support payments. But you might not be sure what that really entails.

What are child support payments actually used for and do they really benefit your kids directly? The answer is generally, yes. Here are four ways your child support payments can be used to better your child's life:

IRAs and property division

Divorces can be messy affairs for many couples in Massachusetts and other states across the country. Many couples find it difficult to discuss property division. There are some things, like homes and bank accounts, which are relatively easy to divide because so many couples have had to split them in the past. However, there are several couples across the country who are questioning whether or not they can divide an inherited IRA, and some are already doing it. 

Usually, when a couple divorces, the property that is divided is property gained during the marriage. Separate property, which is individually owned before the marriage, can become marital property. People can have their spouse's name put onto an account, or a spouse can contribute money to an account during the marriage. However, an inherited IRA cannot be owned by multiple people. 

The high asset divorce of Billy Bush and his wife

Celebrities are constantly in the public eye, and for many Massachusetts residents, the gossip surrounding their lives is a source of entertainment. Because many celebrities are constantly being filmed or photographed, it is easy for some of the things that they have said or done to come back to haunt them, and the constant media attention can put a strain on many celebrities careers and private lives. Billy Bush and his wife are at the beginning of what will likely be a high asset divorce, but unlike many other celebrities, the two still seem to care for one another. 

Billy Bush's wife, Sydney Davis, recently filed for divorce after nearly 20 years of marriage, citing irreconcilable differences. The couple had been separated for nearly a year before the divorce was filed. Davis has asked for spousal support from Bush. She has also asked for joint legal custody of their children but has requested that she be awarded primary physical custody of their two youngest children who are 17 and 13. 

Keeping documentation of alimony payments could be helpful

Life between ex-spouses after divorce can sometimes be difficult or tense. This may be especially true if alimony payments are involved, as some divorced couples in Massachusetts may have noticed. There are many people across the country who have difficulty collecting their alimony payments and are forced to turn to the courts. However, there are times when the person paying alimony is falsely accused of failing to make payments.

One man was accused of failing to make his final alimony payment, which was due in 2010. The man first received a letter in 2018 from the probation department in charge of managing alimony payments. This letter claimed that there was no record of his final payment, which was supposed to have been paid in Nov. 2010. However, the man had kept detailed records of the alimony payments that he made over a 15-year period, as well as documents stating that he had been released from the payments after he retired. 

Property division extends to cellphone accounts

Technology is a major part of many people's lives. Many spouses in Massachusetts, as well as many other states across the country, have joint cellphone accounts which may allow them access to one another's email and online storage accounts. During a divorce, many couples may forget to consider their online accounts when discussing property division

If the accounts are synced when divorce proceedings begin, then each spouse may be able to access important information from the other's accounts. These emails may include more than just personal messages; they might also include the legal advice that one spouse is receiving. Spouses might also have access to each other's location, calendar or other things, like pictures, which are stored online in iCloud accounts. 

Can you alter a prenup after marriage?

A new tax law means married couples may want to take a second look at their prenuptial agreements. The Tax Cuts and Jobs Act will make it so that divorced individuals cannot write off alimony payments on their taxes at the end of the year. This law affects any divorces that go into effect after the end of the year, so it may work in certain people's best interests to finalize the divorce before 2018 ends. 

prenuptial agreement typically contains provisions related to how much alimony the breadwinner of the relationship will pay to the other person in the event of a divorce. Since the couple most likely created this agreement before the new law, the breadwinner may have agreed to pay more, believing he or she would be able to write off some of it on taxes. Therefore, it may work to the couple's best interest to alter the arrangement stated in the prenup.

High asset divorce nightmare for billionaires Bill and Sue Gross

Many Massachusetts residents may have experienced or witnessed how divorce can affect the relationships between people. Sometimes the separating couple is eventually able to overcome the stress of the situation and get along with one another. However, there are other times when a divorce, especially a high asset divorce, can turn ugly. Some couples have been known to spy on one another, vandalize each other's homes, or even hurt one another in a few extreme cases, and family members may also get caught in the middle. 

Since their divorce in 2017 after more than 30 years of marriage, the billionaire co-founder of Pimco, Bill Gross, and his ex-wife, Sue, have been trading accusations of vandalism, theft and spying. Both individuals have also taken out restraining orders against the other. There have also been claims of animal cruelty regarding the couple's three cats. 

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