Home DIVORCE NEWSPAPER US Divorce Headlines Renegotiating your divorce settlement: What UK’s Brian Myerson and Madoff’s Steven Simkin...

Renegotiating your divorce settlement: What UK’s Brian Myerson and Madoff’s Steven Simkin teaches us

Bankers’ wives, just like wives of lawyers in big firms, have always lived a posh life filled with things like Yves Saint Laurent dresses, Chanel bags, and Hermes scarves — to wit: Kathy Fuld (wife of Lehman Brothers’ Dick Fuld), Laura Blank (ex-wife of Madoff investor Steven Simkin),  and Ingrid Myerson (ex wife of UK’s Brian Myerson). 

Laura and Ingrid have more than just posh lives in common. Both their ex-husbands are affluent men who are trying to wiggle out of their divorce settlements. (That could happen to people who are not so affluent, btw.) We posted on Simkin’s story here:      http://www.divorcesaloon.com/madoff-investor-steven-simkin-sues-ex-wife-for-post-judgment-equitable-distribution

We still feel the same way about the Simkin case. He doesn’t deserve to get anything back from his wife in our opinion which we expressed in the post above. As far as the Myerson case, we feel the cases are similar, but we think that Brian Myerson’s argument that he shouldn’t have to pay his wife $3 million in addition to what he has already paid her is a more viable argument since he is talking about future assets/earnings and Simkin’s payment to his wife was out of assets that he held at the time of the divorce.

In Simkin’s case, he and his wife Laura had already settled the property issues and both parties had already received their share. In Myerson’s case, though he and his wife have technically settled the property issues, there are still future payments to be made. And Myerson is arguing that due to market forces that were unforeceable (who an deny the unforeseeability of this global bust up?) he is unable to make those future payments.

I think the “futuristic” aspect of that settlement agreement differentiates it from the Simkin case and is a good argument that Mr. Myerson’s settlement agreement with his wife should be modified to prevent unjust enrichment.

The takeaway being that where a divorce settlement agreement calls for “future payments” such an agreement can be modified due to unforeseen market forces.

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