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Rudy Giuliani is in the middle of a nasty divorce with his future ex-wife Judith. At issue from day one has been his income.
The divorce started because Giuliani was caught having an extramarital affair. At the time, it was reported that Giuliani was earning $3 million plus a year from law firm Greenberg Taurig, but when President Trump started running for office, Giuliani quit his job and worked for Trump and his campaign for free.
Sound familiar? Happens in divorce cases all the time.
Now as a result, whatever money Giuliani has, is being spent to cover his expenses, which means he is dissipating assets (cash) in a hurry. There was even one report I read months ago that he spent $40,000 on cigars within a few months.
In court recently per a report from Bloomberg, Giuliani also claims to have borrowed $100,000 from an attorney to President Trump just to pay his taxes. Just like that, Giuliani got rid of his cash and increased his debt, shrinking the size of the marital estate.
Now common sense dictates that Giuliani who appears regularly on television and is President Trump’s personal lawyer, should be getting job offers left and right. According to Judith’s attorney, he is, including a $6 million a year offer which Giuliani claims was rescinded.
On the other side, Giuliani claims that his wife took everything from their Manhattan condo, a claim she denies and says it was personal items that belonged to her prior to the marriage such as her grandmother’s antique Christmas decorations. I’m sure you have heard of this scenario more than once before.
How do you stop this from happening to you? Well, there are several options.
If there is a substantial amount of cash, stocks, bonds, etc… freezing bank accounts is one option. If not, understand when the money is gone, it’s gone. Sure, you will get a court order/judgment saying you are entitled to “x” amount, but if there are no assets, as we say in this business, the paper the order is written on is worth more.
As I tell clients, winning a lawsuit is no big deal, collecting on the judgment is. What good is it to have a judgment saying you owe me a $1 million when you don’t even have $1? It’s worthless!
In Giuliani’s case, the marital estate is estimated at $30 million, so there are more than enough assets and assuming everything is to be divided 50/50, then his wife could get a 60/40 split as an example.
However, note that in Florida, whatever assets Giuliani had before the marriage, his wife is only entitled to the increase in value of the asset from the day of marriage to the day of separation, not before.
For an appointment with divorce attorney Alex Hernandez, call or text the phone numbers below.
Alexander Hernandez represents clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents.
(904) 712-5565 or (305)-688-LAWS (5297).