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Taking Sides in a Divorce, Chasing Profit

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RICKY5
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05 Dec 2010, 2:04 am

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Taking Sides in a Divorce, Chasing Profit
By BINYAMIN APPELBAUM
BEVERLY HILLS, Calif. — Michelle Pont and her husband amassed millions of dollars in properties and investments from a freight-hauling business that they started with a single stake-bed truck in 1991. They bought a four-bedroom home, then a second home, a vacation home, a motor home and half a dozen cars.

But when Ms. Pont decided to seek a divorce last year, she quickly ran out of money. She had no job. Her husband controlled the family’s investments. A few months of legal bills maxed out her credit cards and drained her retirement account.

She wrestled with accepting a smaller settlement than she considered fair. Then a lawyer referred her to Balance Point Divorce Funding, a new Beverly Hills lender that offers to cover the cost of breaking up — paying a lawyer, searching for hidden assets, maintaining a lifestyle — in exchange for a share of the winnings.

In October, Balance Point agreed to invest more than $200,000 in Ms. Pont’s case.


http://www.nytimes.com/2010/12/05/busin ... nted=print

Reason #578,320 to never get married...



Chronos
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05 Dec 2010, 2:14 am

RICKY5 wrote:
Quote:
Taking Sides in a Divorce, Chasing Profit
By BINYAMIN APPELBAUM
BEVERLY HILLS, Calif. — Michelle Pont and her husband amassed millions of dollars in properties and investments from a freight-hauling business that they started with a single stake-bed truck in 1991. They bought a four-bedroom home, then a second home, a vacation home, a motor home and half a dozen cars.

But when Ms. Pont decided to seek a divorce last year, she quickly ran out of money. She had no job. Her husband controlled the family’s investments. A few months of legal bills maxed out her credit cards and drained her retirement account.

She wrestled with accepting a smaller settlement than she considered fair. Then a lawyer referred her to Balance Point Divorce Funding, a new Beverly Hills lender that offers to cover the cost of breaking up — paying a lawyer, searching for hidden assets, maintaining a lifestyle — in exchange for a share of the winnings.

In October, Balance Point agreed to invest more than $200,000 in Ms. Pont’s case.


http://www.nytimes.com/2010/12/05/busin ... nted=print

Reason #578,320 to never get married...


Actually I think she just had a bad divorce attorney the first time around. If they were married when they started the business, under California law, the assets should have been divided equally.



RICKY5
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05 Dec 2010, 2:19 am

I do find it f****d up that there are firms that specialize in divorce investments. Kinda says something about society.

MODERATOR: Can we move this thread to Current Events? I didn't mean to post it in Social Skills.



Molecular_Biologist
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05 Dec 2010, 2:29 am

RICKY5 wrote:

Reason #578,320 to never get married...


.....If all you care about is money and using money to pay for sex.



RICKY5
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05 Dec 2010, 2:40 am

Molecular_Biologist wrote:
RICKY5 wrote:

Reason #578,320 to never get married...


.....If all you care about is money and using money to pay for sex.


"I plead da FIF!" :D



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05 Dec 2010, 9:45 am

I don't like leeches either, but for situations like this, they do have a use. Chronos has a point; she was entitled to half to begin with, so what the hell happened with her lawyer?

There was a far worse case a while ago; some poor guy won the lottery and his ex wife turned up out of the woodwork to claim a portion of the profits. She'd left him for another guy 15 years ago, and he didn't owe any child support, yet because of some technical clause she was entitled to I think 3million (not for their kids either; he tried to put it in a trust fund but she wasn't having that. this money was all hers). It's completely odious. If he'd won whilst they were married, fair enough (though a bit annoying for him), but 15 years later?? Come on!



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05 Dec 2010, 9:33 pm

Know the facts before making a comment. This is my article. You don't hear everything only what they print. I started the business with Jeff in 1991. I am on title as 50/50. Without me he would have gone back home. I made the money in the beginning with another job along side this. nursed a baby in a filthy office, loading trucks answering phones & dispatching for years. Yes lawyers did take advantage & he shut me out of all I own. It's not as easy to get with the courts these days. I have to prove my ownership. I have 2 large homes side by side & I live in an apt. while he & his adult industry GF, 20 years his junior & 12 years older then my child, live in the main house & his parents next door. I have a prius. He has a 220K sports car & 7 other vehicles I can't access. But in the end I am half owner & along with Calif law Half is mine. I am protecting my childs future before he runs it into the ground financially. But you know what....I don't need the High lifestyle nor have I led that life in over 18 months & I am much happier and not controlled any longer. Until you live in my 4 walls you don't know.



jojobean
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06 Dec 2010, 4:30 am

Bunkey wrote:
Know the facts before making a comment. This is my article. You don't hear everything only what they print. I started the business with Jeff in 1991. I am on title as 50/50. Without me he would have gone back home. I made the money in the beginning with another job along side this. nursed a baby in a filthy office, loading trucks answering phones & dispatching for years. Yes lawyers did take advantage & he shut me out of all I own. It's not as easy to get with the courts these days. I have to prove my ownership. I have 2 large homes side by side & I live in an apt. while he & his adult industry GF, 20 years his junior & 12 years older then my child, live in the main house & his parents next door. I have a prius. He has a 220K sports car & 7 other vehicles I can't access. But in the end I am half owner & along with Calif law Half is mine. I am protecting my childs future before he runs it into the ground financially. But you know what....I don't need the High lifestyle nor have I led that life in over 18 months & I am much happier and not controlled any longer. Until you live in my 4 walls you don't know.


I have to agree...I rather have less money than to put up with a controlling man anyday.

I think you are doing what is reasonable, he sounds rather immature, but it is good to minimize the best you can and bank the rest cuz things are not getting better with the economy.
Sorry to hear you are having such a hard time...you should get your divorce lawyer to refund you because he/she did not properly represent you with accordance to CA law.


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Molecular_Biologist
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06 Dec 2010, 3:47 pm

Bunkey wrote:
Know the facts before making a comment. This is my article. You don't hear everything only what they print. I started the business with Jeff in 1991. I am on title as 50/50. Without me he would have gone back home. I made the money in the beginning with another job along side this. nursed a baby in a filthy office, loading trucks answering phones & dispatching for years. Yes lawyers did take advantage & he shut me out of all I own. It's not as easy to get with the courts these days. I have to prove my ownership. I have 2 large homes side by side & I live in an apt. while he & his adult industry GF, 20 years his junior & 12 years older then my child, live in the main house & his parents next door. I have a prius. He has a 220K sports car & 7 other vehicles I can't access. But in the end I am half owner & along with Calif law Half is mine. I am protecting my childs future before he runs it into the ground financially. But you know what....I don't need the High lifestyle nor have I led that life in over 18 months & I am much happier and not controlled any longer. Until you live in my 4 walls you don't know.




What did you google this article and register to post on every forum where it was being discussed?

WP is the sixth link down when I searched myself.



zer0netgain
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07 Dec 2010, 8:22 am

Chronos wrote:
Actually I think she just had a bad divorce attorney the first time around. If they were married when they started the business, under California law, the assets should have been divided equally.


Yes and no. Where marriage and divorce are concerned, anyone concerned about preserving their wealth in the event of divorce has mechanisms in place to get around any law they feel is unjust. Pre-nup agreements, corporate arrangements where the wife has no claim or there is nothing to claim if she tries...lots of ways to protect your assets.