Lawyer to Lawyer
Janice and Ira Schacter are New York
divorce lawyers, ostensibly, but it is the husband who made the big bucks. Mr Schacter was is a Partner at Cadwalader, Wickersham & Taft. He was making big bucks until his estranged wife, apparently bitter about their divorce, started posting negative comments about him on a popular but snarky legal blog in New York, Above the Law. According to a recent ABA Journal report, Ms. Schacter insinuated that her husband was a bad father for refusing to buy $12,000 hearing aids for their minor child, while at the same time, he managed to purchase an engagement ring for his new wife to the tune of $215,000. Based on this accusation, Above the Law apparently “sarcastically” dubbed Mr Schacter “ Father of the Year.“Lawyer of The Month.”
This was overkill for the divorce judge. Mrs Schacter had effectively jumped the shark in the divorce judge’s estimation. Because on account of this, Mr Schacter’s phones stopped ringing as much as they used to and so the value of the partnership suffered a corresponding reduction in value. In other words, his reputation was ruined or at least tainted in the legal community and so as a result, he could not pay as much post-divorce as he would have if his reputation had been left untainted. As a consequence, the judge gave Mrs. Schacter a reduced divorce settlement because in the judge’s opinion, Mrs Schacter had bitten the hand that fed her. To wit:
Ira Schacter was sarcastically dubbed “Lawyer of the Month” by Above the Law after Janice Schacter claimed the Cadwalader partner refused to pay for his daughter’s $12,000 hearing aids even as he paid $215,000 for an engagement ring for his Playboy model girlfriend.
Janice Schacter’s complaints, along with the bad economy, caused the value of Schacter’s business assets to decline, according to Judge Laura Drager of Manhattan. As a result, she will get 17 percent, or about $855,000, of the partnership value in the divorce, the stories say. “In essence, the wife chose to bite the hand that fed her,” Drager said.
So what did Mrs Schacter get for a divorce settlement? Well, as a punishment she only got: “17 percent, or about $855,000, of the partnership value in the divorce.” Plus, “$15,000 a month in alimony, $3,000 a month in child support, and half of more than $10 million in other marital assets.” Uncroyable! Imagine if she had kept her need to destroy her husband’s online reputation under wraps. She would have made out like a bandit!