A couple that has amassed millions of dollars in marital assets may have a complicated divorce process. A high-asset divorce in Florida typically involves determining how to fairly split properties, jewelry, business assets and more. In some cases, a judge may have to make the decision because the couple is unable to reach an agreement. As one recent incident illustrates, there are many factors that play into how wealth is divided.
A Manhattan attorney and his wife spent seven years embattled in divorce. Among their marital assets was nearly $9 million between a townhouse in Manhattan and a summer home in Bridgehampton. Additionally, the pair owned $400,000 in jewelry. During the divorce hearing, a judge ruled that the woman would receive half of the proceeds from the sales of these assets in addition to as much as $21,000 a month in child and spousal support.
Also at stake was a $5 million partnership the attorney held in his firm. The judge ruled that the woman was not entitled to half of the asset because of public attacks she made against her ex-husband. According to the attorney, the attacks resulted in him losing clients, thus diminishing his income. The judge agreed and granted the ex-wife just $855,000 of the partnership, noting the woman chose to “bite the hand that fed her.”
The end of a marriage can be complicated enough between emotions and determining child support. Complex property division can add to an already tenuous situation. People who are going through a divorce should consult with an attorney who can provide guidance regarding an individual’s right to property or other assets.
Source: New York Post, “Judge rules divorcee ‘damaged’ ex’s career – slashes $2.5M payout,” Julia Marsh, April 8, 2014