High-asset divorce can take time

Divorce in Ohio is seldom entered into lightly. When significant time has been put into a marriage, there may also be significant assets involved. Dividing these assets can be complicated and time-consuming. This is the situation occurring in a high-asset divorce in another state involving a fortune worth more than $2 billion.

A couple are divorcing after being married for 58 years. The judge in the divorce case has ordered that the couple's fortune be split into two nearly equal parts. Achieving that goal may involve the auction of some priceless art. The judge ordered that some of the art be sold as the couple could not agree on the art's value. The works to be sold include pieces by Andy Warhol and the sculptor Alberto Giacometti.

In addition to the sale of the art, the settlement includes transactions involving debt payments and credits. For example, he will retain ownership of their yacht but they will share the $16 million debt that is owed on it. She will keep a New York apartment but has to pay him a $36 million credit to maintain ownership of the apartment. Similar arrangements will be made regarding the division of commercial real estate owned by the couple.

Divorce cases involving a large number of assets can take time to settle. Time should be taken to ensure that the settlement is fair to all parties. A person in Ohio who is considering a divorce may wish to consult with an experienced family lawyer. A knowledgeable attorney can review the situation in a high-asset divorce and make recommendations regarding a final settlement.

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Kemp Law Group, LLC
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