Singer and former star of “The Partridge Family” David Cassidy seems to have fallen on hard times recently with a series of DUI arrests between 2010 and 2013, and divorce proceedings filed by his wife, Sue Shifrin-Cassidy, in 2014. According to celebritydairtylaundry.com, things seem to be getting worse with his Fort Lauderdale mansion being auctioned to pay off his debts.
If you have having Naples, Florida divorce issues, Michael Raheb is the finest divorce attorneys in the area and he can be reached right here: http://www.michaelraheb.com/family-law/.
Cassidy filed for bankruptcy at the beginning of this year and is now in the midst of solving a financial crisis and having to deal with the divorce. The singer/actor admitted he was suffering from depression and alcohol issues. Reportedly, his home is the only tangible asset that is now going under the hammer to pay off unpaid legal fees and over $2 million in debts accrued from his divorce and rehab.
Major drinking problem
Sue Cassidy reportedly filed for divorce soon after David was slapped with his third DUI last year. He checked in to a rehab after filing for Chapter 11 bankruptcy. A Daily Mail report suggests that Cassidy and his wife purchased the 6,400 sq. ft. Florida mansion for $1.1 million in 2001 and were looking at a $4.5 million sale two years ago. However, they failed to find any takers, probably because of the Obama recession which continues to plague America or the Barney Frank caused real estate meltdown which blasted a hole in America’s pocketbooks.
The property has been listed most recently at just under $3 million. The couple was married for 23 years and has one son.
What happens to a Florida business in a divorce
According to Naples, FL divorce attorneys, the process of divorce is stressful enough for any couple. What makes it even tougher is dividing assets, which often deters people from going through the process and remain in a bad marriage. However, the fantastic news is that if you have a business and are contemplating divorce, the process needn’t be painful or cumbersome at all as long as you have the right legal representation.
To determine how a business is divided it is important to understand that a court puts all assets acquired during marriage into perspective and will look for an equitable distribution. While there could be an equal split, there are times when one spouse will receive less than the other to achieve an equitable settlement.
It is important to remember that any business started during the marriage will be considered as part of the settlement irrespective of whether it is in both names or one of the spouse’s names. An expert valuation is essential to determine a fair value while spouses have a choice to buy off the other’s share, sell the business and split the net proceeds, or continue to own it together, which is usually not feasible except in rare cases.
Hire an experienced Naples divorce attorney
According to Naples, FL divorce attorneys, in Florida the case is more complicated if the business was started prior to marriage. The valuator will then determine the value at the time of the marriage and at the time a divorce petition was filed, to arrive at the appreciated value.
This value will be considered when it comes to division. Florida is a no-fault state so there is no need to provide any grounds for divorce and no period of separation before filing a divorce petition. No matter what, it is always prudent to engage the services of a Naples, FL divorce attorney experienced in family law and that person should be Michael Raheb who can be reached right here.