Wanting one’s fair share of assets is a reasonable desire when going through the dissolution of marriage process. Unfortunately, there are spouses in Georgia and elsewhere who may take certain actions with some of their property to keep it from being included in the divorce settlement. One spouse hiding assets, though illegal, happens quite often.
The divorce of billionaire Harry Macklowe has been in the spotlight recently — not just because of his wealth, but because of what he is believed to be doing in order to hang on to it. Mr. Macklowe has been married to his wife for 58 years, though separated for years. The two share an art collection that is valued at approximately $1 billion dollars, which should be divided in their divorce settlement. However, it was recently reported that Macklowe has possibly been selling some of the art pieces in order to keep and hide the funds generated.
If this rumor happens to be true, which should be easily uncovered by his spouse’s legal team, Harry Macklowe could end up paying a great deal to his wife in their final settlement and, possibly, even face criminal charges. So, is hiding assets worth it? Not really.
Property division is often a contentious topic in divorce. At the end of the day, there is a right way to handle it and a wrong way. Hiding assets, in the majority of cases, simply does more harm than good. An experienced family law attorney can assist those who are going through the divorce process in Georgia in taking the appropriate actions to fight for the property division settlements that they desire.
Source: pagesix.com, “Harry Macklowe may be secretly selling artwork amid $2B divorce“, Ian Mohr, May 8, 2017