Couple’s high-asset divorce notable, but also generally instructive

On Behalf of | Dec 28, 2018 | divorce, Firm News

Some divorces in Illinois and elsewhere can be settled relatively easily, with a judge’s written decision being set forth in quite summary fashion. Other outcomes are a bit lengthier.

Like 64 pages.

That is what it took to recently resolve a decidedly acrimonious and high-profile decoupling involving a real estate titan and his wife. Harry and Linda Macklowe called it quits a couple years ago after nearly six decades of marriage. Since Linda’s divorce filing in New York in July 2016, the couple has been persistently embroiled in litigation sparring marked by some seriously high dollar amounts.

Like this, for example: Earlier this month, the judge overseeing the Macklowe’s marital dissolution ordered the couple to sell their art collection worth an estimated $700 million. They could not agree on its value, so the court demanded a 50/50 split.

That is the tack the court took with most everything else up for grabs in the couple’s estate, as well. Although asset distribution details took scores of pages to duly chronicle, the judicial bottom line in the matter was quite simple. As noted by one national news story spotlighting the notably high-asset divorce, “The ruling split the ex-couple’s estimated $2 billion fortune nearly down the middle.”

The case is exceptional, to be sure (it also involves pricey apartments, a yacht, various high-worth book, jewelry and silver collections and more), but also widely instructive in the family law realm.

A key reason why is its primary focus on equitable asset division, something that is of paramount importance in legions of divorces regardless of property holdings. Breaking up a $2 billion estate is understandably a core concern for an affected couple, but so too is the more modest asset distribution that more commonly features in divorce cases.

You don’t need to own art pieces crafted by Picasso and other renowned masters to have pressing questions and concerns regarding fair property division in a divorce. An experienced family law attorney with proven acumen in divorce-linked asset distribution can provide further information.