April 24, 2008

Celebrity Divorce News: Don’t raid the joint account

University of Arizona men’s basketball coach Lute Olson is currently going through a divorce with his wife. 

He has been ordered to appear in court to explain why he took the majority of funds out of the parties’ joint bank account and placed the funds in a personal account.  Most of the money was earned by him from a sneaker deal with Nike.  The money was taken out of the account the day after he filed for divorce.  You can read an article regarding the story at http://sportsillustrated.cnn.com/2008/basketball/ncaa/04/22/bc.bkc.olson.divorce.ap/.

In Oregon, upon the filing of a divorce, ORS 107.093 Restraining order; request for hearing states that a party cannot transfer, encumber, conceal or dispose of property in which the other party has an interest, in any manner, without written consent of the other party or an order of the court, except in the usual course of business or for necessities of life. The statute provides exceptions in the following circumstances: payment of Attorney fees in the existing action; Real estate and income taxes; Mental health therapy expenses for either party or a minor child of the parties; or Expenses necessary to provide for the safety and welfare of a party or a minor child of the parties.  Violation of the statute can lead to remedial contempt sanctions against the violating party. 

If you have any questions regarding your assets either in the course of a divorce or prior to divorce, please feel free to set up an consultation with our office.  Even if you are not planning on getting divorced in the near future, it is important to consult with a divorce lawyer to understand your rights.