woman in an art gallery

High asset divorce focuses on art collection

Though it does not have to be, divorce can be contentious under any circumstances. However, a heated divorce may be more likely when a splitting couple has significant assets and high income. Under these circumstances, arguments may develop over asset division and alimony, the outcomes of which could make or break the financial futures of those involved.

One high-asset couple, well-known lobbyists, for example, are each fighting for what they believe is their fair share of the couple’s wealth. Amongst the property at issue in this high-asset divorce is the couple’s collection of museum-quality art. The husband claims he built his wealth and art collection prior to his marriage to his wife while his wife claims the art collection was built jointly, therefore rendering it marital property susceptible to equitable division.

The artwork, which could be worth a significant amount of money, could provide long-term financial stability to both parties, especially the wife, who was reported to have earned only $55,000 per year before her marriage to her husband, a mere fraction of what the multi-million dollar couple made together during their marriage.

Proceeding with a high-asset divorce can be stressful, both emotionally and financially. Individuals may fear starting their new life without the financial security they had during their marriage, which may lead to an even more contentious battle over certain assets. Such concerns are legitimate.

In Massachusetts, a Worcester divorce lawyer can assist a divorcing party discover and evaluate assets as well as classify them as separate or marital property. Once this is done, the legal arguments that best support the party’s position with regard to the division of marital property and debts can be used to get the best possible settlement. Individuals will also need to address other heated issues including spousal support, child custody, and child support. Then, people will hopefully find themselves in a stronger position to start their new life. Contact SederLaw today.

Source: Politico, “Heather and Tony Podesta divorce documents released,” Tal Kopan and Lucy McCalmont, April 11, 2014