We were pleased to learn that Stark & Stark's website was named as a 2006-07 Platinum winner by the Internet Marketing Attorney. Our website was included in the Small to Mid Sized law firm category and was judged on design, content, usability, interactivity and intangibles. You can see the entire list of winners here.
In the recent decision of Platt v. Platt, the Appellate court endorsed the practice of "income averaging" for purposes of determining a self-employed divorce litigant's income in order to calculate alimony and child support. In Platt, the court was confronted with a husband/father who was self-employed and solely responsible for setting his income level. The Court took note of the fact that his income inexplicably decreased in the two years immediately preceding the divorce filing even though the company remained profitable. Attempting to create a fair support obligation, the court felt that averaging his income for the past five years was warranted. This decision underscores the courts desire to create support awards that are based on the actual marital lifestyle as opposed to focusing only on recent earnings. Particularly when child support is involved, such an approach is necessary so that the children of the marriage continue to benefit from the economic successes of their parents. The Platt decision also reinforces the statutory criteria relevant to determining alimony and child support obligations; particularly the standard of living established during the marriage, the earning capacities of the parties, and the history of financial contributions to the marriage made by either party.
Technorati Tags: New Jersey : Divorce
This week's New Jersey Legal Update is presented by Christopher Florio, Co-Chair of the Firm's Community Associations Group. This week's update discusses the New Jersey Appellate Division's ruling in Micheve v. Wyndham Place at Freehold Condominium Association. In Micheve, the Court struck down the practice of associations raising monies through capital contributions paid by the seller at closing.
You can download the New Jersey Legal Update Podcast # 33 here.(8MB)
Technorati Tags: New Jersey : Podcast : Condo : Community Association
New condominiums and homeowner associations often suffer the effects of defective common elements. In these instances, Boards have the dual responsibilities of immediately correcting defects that pose a hazard to residents while also preserving the right to recover the cost of repairs.
Too often Associations rush to make repairs and destroy evidence that will later be needed to recover damages. For instance, if a condominium is faced with sinkholes and it immediately has the sinkholes repaired without properly protecting the evidence and providing notice to the developer, the Association's right to recover the costs of sinkhole remediation may be lost. Instead, the Association should block off the sinkhole and give notice to the developer of the defect/issue. The Association should also retain an expert to inspect the area, take samples, and preserve evidence. The developer should be notified before any remediation thereafter begins. However, action should not be delayed if the risk of personal injury is present.
Another common problem is when an Association discovers continuous leaks around window units of a particular home design. Often the Association will have its maintenance personnel attempt to repair the windows but the leaks still occur. After repeated attempts to remedy the problem by maintenance personnel, the Association provides notice to the developer of the problem. Unfortunately at this point, when experts come to review the window unit, the repairs and changes that had previously been made have effectively erased the cause of the original leaks. The Association will now have significant difficulty in its attempt to prove that any defect was due to negligent design and/or construction.
In situations regarding construction defects discovered early in the life of an Association, a general rule is to immediately give the developer notice of such defect and advise your construction experts to take all reasonable steps to collect and maintain evidence of the construction defect. This way valuable evidence is preserved.
I was pleased when I read that Stark & Stark client CMG Capital was named by Bloomberg Markets Magazine as one of the best-performing hedge funds in their January 2006 cover story, Hedge Fund Hotshots.
CMG Capital was ranked as the 4th best performing fixed income hedge fund based on it 14.4% 3-year return. Congratulations Steve and the rest of the CMG team.
Technorati Tags: New Jersey : Hedge Fund : Securities
Adam Siegelheim a member of the Firm's Franchise group, was quoted in the article Baby Boomers Fueling a Franchise Frenzy in Florida in the Orlando Business Journal.
The article discusses the growing number of franchises being opened in Florida by baby boomers who are not yet ready to retire and choose to invest in their own business. According to the International Franchise Association, franchises in Florida generate about $105 million within the private sector, and create more than 1.25 million jobs. A large number of these appear to be from the 50-plus group.
Siegelheim comments that he's seeing more and more people over 50 invest their retirement benefit packages into franchises. He cautions that putting your future into a franchise can be risky business, and buyers should work closely with their accountant and attorney before signing any papers.
Still, he does not see the franchise boom ending any time soon. Even people already running successful businesses turn to franchising for more opportunity. It's not slowing down at all.
Technorati Tags: New Jersey : Franchise
Timothy Duggan, Chair of the Condemnation group, commented in the article Controlling Construction Costs in the February 2006 issue of District Administration magazine.
The article discusses the fraud claims against the New Jersey Schools Construction Corporation (NJSCC) and how school districts across the country are vulnerable to overcharges and fraud when undergoing construction. In particular, Duggan commented on the plight of some businesses in Camden, New Jersey, saying, "There were lots of high hopes that the new schools being built would improve the reputation of the town, the housing and the commercial environment. They were looking to spur economic development that brings community pride." Mr. Duggan represents several property owners in Camden whose property has been targeted for acquisition by the NJSCC.
Technorati Tags: New Jersey : Construction : Condemnation : New Jersey Schools Construction Corporation : NJSCC : Eminent Domain
Jeffrey A. Weiner, a Shareholder in the Business Litigation group, is the chairperson and moderator of the New Jersey Organization and Sale of Small Business seminar for the New Jersey Institute of Continuing Legal Education. There are three sessions - March 28 at Seton Hall Law School in Newark; May 18 at the New Jersey Law Center in New Brunswick; and June 21 at the Grand Versaille/Quality Inn in Maple Shade.
Technorati Tags: New Jersey : Small Business
Timothy Duggan, Chair of the Bankruptcy & Creditors Rights group, wrote the article Another Blow to Asbestos Bankruptcies for the March 6 edition of the New Jersey Law Journal.
The article discusses a Third Circuit ruling that the asbestos plan violates the Absolute Priority Rule.
You can read the article here.
Technorati Tags: New Jersey : Bankruptcy : Asbestos
Gary Forshner, Shareholder in the Real Estate and Land Use group, will be a presenter at NBI's Practical Guide to Zoning and Land Use in Princeton on April 7, 2006.
The seminar will cover topics land use professionals up to date on zoning and land use regulations.
Technorati Tags: New Jersey : Land Use : Zoning
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