Published on:

Divorce Settlement During Madoff Scheme Might Be Reevaluated

A divorce settlement that was hammered out previous to Bernie Madoff getting arrested and convicted might get a man some money back, says a New York Family Lawyer. The couple had several million dollars in an account – or so they thought – with Bernie Madoff’s investment firm. The account was then split and the man and wife went their separate ways. That is, until the man found out there were fewer millions in the account than what he was led to believe.

The case has gone through many different appeals, with judges not being able to reach a unanimous decision. This time, the case was heard by the New York State Appeals court and there was a 3-2 vote for the case to be re-heard. The man is dancing in the street; however the ex-wife is not as thrilled.

The account was said to have $5.4 million dollars sitting in it, which was then split in half between the two in 2006. Once Bernie Madoff’s Ponzi scheme came to light, the man claimed that it was an accounting error from when they made the split and she should have to pony back some of the money he gave her. Since the money didn’t exist, he should not have to give her half of it. The judges are torn between the reality of the money being there and determining when, exactly, the mistake was made. The case will be presented to the judges in the coming months.

A New York Custody Lawyer can help with divorce and family issues you are dealing with. Contact Stephen Bilkis and Associates for advice and a free consultation. We have offices throughout New York City for your convenience, including locations in Manhattan, the Bronx, Brooklyn, Queens and Staten Island. We also have locations in Nassau County and Suffolk County on Long Island, as well as Westchester County.

Contact Information