In California and across the U.S., divorce is common. Disputes often arise in divorce cases, especially when they involve a large amount of assets.
A prominent couple with substantial assets has had a continuing dispute over their art and real estate and how it will be divided in their divorce. Recently, an appeal as to the valuation of their property was denied. The couple, Harry and Linda Macklowe, are from New York. Mrs. Macklowe asserted that experts were hired by each side to assess the value of their real estate and art and each came to different conclusions as to what these properties were worth.
The judge in the appeal decided that Mr. Macklowe’s appraiser accurately assessed the property. The property division essentially was split in half. The former spouses were ordered to sell the art they had accrued, which was valued at $700 million. Mr. Macklowe kept their real estate, which was valued at $82 million. Marital debt was also a concern in the case, but the court found that it was correctly valued at just shy of $67 million.
Any family law case will have its difficulties and, while many couples do not have massive assets that are valued in the millions, there are many Californians in this position. With the vast amounts of money these cases might involve, a high-asset divorce can have seemingly endless disputes.
In California, confusion may arise regarding who is entitled to what, even with community property rules. When addressing these issues or appealing a previous decision, it is vital to have experienced legal advice. Discussing the case with a qualified divorce attorney is essential.
