Lawyer 'Bern'ed in divorce (screwed-over by Madoff----again)

There has to be more to this story. Who valued the assets? Who did the due dilligence? In divorce settlements, concealing assets is a major no-no. In fact passing a questionable asset as worth more is a super major no-no.

There have also been cases where a couple goes through a "divorce," splits assets----in a ruse to evade taxes. The now-richer couple continues to live together.

There has to be more to this story. Who valued the assets? Who did the due dilligence?
In divorce settlements, concealing assets is a major no no.

This particular case had nothing to do with hiding or concealing assets (which is why I posted more detailed articles), it had to do with the valuation of fully disclosed, jointly owned / community assets, where the part that he chose to keep was valued on then prevalent understanding of value of those assets, but which later turned out to be worth less due to fraud of the third party (not his wife).

He had no case. He could have cashed in and withdrawn this investment money immediately after taking sole possession of investment after divorce in 2006; e.g., see the case of Ken Macher in this post / story "Most Madoff Victims Denied SIPC Repayments a Year After Arrest" (http://www.freerepublic.com/focus/news/2410970/posts?page=8#8) He didn't and his investment simply "lost value" due to no fault of his ex-wife. She might as well sue him for the lost value of real estate - the part that she chose to keep - after the divorce.

There have also been cases where a couple goes through a "divorce," splits assets----in a ruse to evade taxes. The now-richer couple continues to live together.

Yes, quite common, in fact, among the rich set as part of "estate planning" (including the informal agreements to low-ball or raise valuations of assets for both sides, for later tax purposes), but from what I read I very much doubt that that's what happened here.

KARMA, sometimes it’s instant and it’s gonna get you.

Three weeks ago, I was at an accounting seminar, and I bumped into the guy that laid me off last year. When I asked him to say hello to a few folks back at the office, he replied he had been "reorganized out".

I felt a bit of schadenfreude...maybe 3 seconds. I knew that this was his first time, and at the worst possible time for a senior accounting professional. It's not going to help him that he's a white male.

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