High asset divorce settles after four years of property dispute
Posted by Michael A. D'Amico of D'Amico & Pettinicchi, LLC on Aug 31, 2012 in High Asset Divorce
Does it take longer to settle a divorce when more money is at stake? There probably is not a definitive answer to that question, but one couple's divorce proceedings suggest this may be the case.
One couple began negotiating their divorce four years ago. According to one report, the couple had assets worth $19 million at that point. The husband put forth an initial offer which would have left the wife with their three properties and an additional $4.5 million in cash. The wife turned down his offer though and they have since continued to dispute how their assets should be divided.
The couple has now settled, with the former wife receiving several million dollars less in assets than her former husband originally offered. In addition, he has asked her to pay for some of his legal fees, since, he claims, she extended the divorce proceedings for so long. The judge for their case sided with the husband and the former wife must pay $220,000 of his legal fees.
It is likely that if there had been less money and assets to distribute the divorce would not have taken as long to settle. If a couple with many assets and complex financial investments decides to divorce, perhaps this couple's settlement may offer a view of one way a divorce settlement can be worked out.
Regardless of how quickly a couple hopes to settle their divorce, dividing assets and real estate can be complicated when there is a lot of money involved. Consulting an attorney who is experienced with handling high asset divorces may ease the process of settling the divorce.
Source: Herald Sun, "Ex-wife loses $4 million in asset fight after rejecting divorce settlement," Katie Bice, Aug. 23, 2012