Throughout New York in the city and across the state, there are many people who are of substantial means who end up moving forward with the end of a marriage. While there might be a perception that those who have a vast portfolio of assets will be shielded from the difficulties and issues in dispute when parting ways, the reality is that a high asset divorce can be far more complex than one of lesser means. Those who are involved in any level of divorce must make certain that they have a grasp of all divorce legal issues from the start.
A prominent New York developer is divorcing his wife of 58 years and has offered a settlement of half of his estimated $2 billion fortune to end it. His wife is refusing the 50-50 division. The man, 79, is planning to marry a Frenchwoman with whom he has been involved and would like to expedite his divorce to do so. His wife, also 79, sought the divorce in July of 2016 when she discovered her husband had provided the Frenchwoman with an apartment in New York not far from the marriage home. The judge in the case is seeking to move the case forward and wants information from the wife about the value of the husband's portfolio which contains significant real estate and other assets.
Divorce is a difficult matter to deal with and property can be one of the more contentious factors. This is true even if the parting is amicable. With a high asset divorce, it is particularly important to have a full accounting of everything that the couple owns. This can include real estate, investments, motor vehicles, businesses and more. To avoid making a mistake when considering a settlement offer, it is essential to have legal advice.
In this case, a real estate investor has decided to part ways with his wife and marry another woman. Despite offering a settlement for what he says is half his assets worth approximately $1 billion, she has declined. The case is ongoing. People who are wealthy or have assets that are valuable should make sure to discuss their case with a lawyer to protect themselves in the present and future.
Source: marketwatch.com, "Messy divorce looks set to cost New York developer at least $1 billion," Julia Marsh, April 5, 2017