On behalf of Kelly Law Office, LLC posted in high-asset divorce on Friday, February 21, 2020.
When couples are going through a divorce, one thing that they usually have to confront is the division of their marital property. If they are unable to reach an agreement on their own, a judge will make the decision. In an equitable distribution state like Ohio, the court will issue an order based upon what it believes to be fair, and that doesn’t necessarily mean equal.
There is a case taking place in New York, which is also an equitable distribution state, featuring an estranged couple who are both collectors of fine art that is reportedly worth hundreds of millions of dollars. The divorce filing was made in 2018, and the parties have been battling it out in court ever since. In addition to the artwork, other assets at stake include real estate in New York City and on Long Island. The couple has two children and the wife is seeking physical custody of them, but the father has stated that he will not discuss that issue until they have reached an accord on the division of all of their marital property.
Their most recent court appearance took place in Manhattan on Feb. 13, and after approximately two hours the judge said that the parties were at such an impasse that the matter would have to be once again taken up in April. He encouraged the couple and their respective attorneys to be creative and to reach a settlement that contained a mutually agreeable dollar amount.
Asset division can be an issue even in a divorce between parties of relatively modest means who still have a pension or 401(k) to consider. People who are in this type of situation might want to obtain the advice and counsel of an experienced family law attorney.