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Fair division of assets is important no matter how much wealth couples have

Divorce among the wealthy is a very different animal than it is among those of more moderate means. The sheer amount of money and assets at issue in high asset divorce cases is often mind-boggling for the rest of us, but for those who have such wealth, there is every reason to work with an experienced legal advocate to ensure assets are divided fairly.

Take the case of hedge fund manager Steve Cohen and his ex wife Patricia. The couple divorced in 1990, but Cohen’s ex-wife filed a lawsuit nearly twenty years later claiming that he had understated the value of real estate holdings to reduce his overall net worth in the divorce. This, she claimed, gave him an unfair advantage over her in divorce negotiations and she claimed she should be awarded half of the amount, plus interest, Cohen allegedly hid from her. The amount that was hidden, she claimed, was $5.5 million.

That lawsuit was dismissed earlier this month after a judge found that Cohen’s ex failed to prove he fraudulently understated the value of the property. Other problems with the lawsuit were that the statute of limitations had already run and that she had signed documents stating she agreed that she would not have all the details of Cohen’s financial situation.

Fair division of assets is critical in any divorce, no matter how much money is involved. Different states, of course, have different approaches to property division, and it is important for divorcing couples to work closely with experienced local counsel to ensure they receive zealous advocacy in seeking the assets to which they are entitled.

In our next post, we’ll take a look at how assets are divided in Texas.  

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Jamie Graham & Associates, PLLC
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San Antonio, TX 78205

Phone: 210-272-7034
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