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Millionaire accused of concealing assets before property division

On Behalf of | Nov 18, 2015 | Property Division |

Many couples nationwide, including in Texas, are able to end their marriages in amicable manners. However, the contention that sometimes surrounds the property division process can result in costly and time-consuming litigation. High-net-worth couples who never signed prenuptial agreements sometimes battle over assets for months or even years.

A millionaire in another state is facing a lawsuit that was filed by his wife of seven years. The woman alleges her husband removed valuable pieces of art from their residence before starting divorce procedures. The lawsuit states that the missing pieces include artwork by Andy Warhol, Jean-Michel Basquiat, Cy Twombly, Jean Arp and Damien Hirst. She claims she is owed 50 percent of the value, estimated at approximately $25 million.

The couple did not sign a prenuptial agreement, and the husband contends his business owns the art collection and that none of it is marital property. The wife claims that one of the pieces has already been put up for sale, and the lawsuit is an effort to prevent further sales of the priceless paintings. The millionaire is accused of deliberately concealing assets.

Texas spouses who suspect asset concealment by a soon-to-be ex-spouse may benefit from utilizing the guidance and support offered by experienced divorce attorneys. A lawyer can use available resources to investigate allegations and advise clients about the most appropriate ways forward. Also, an individual who is considering marriage may avoid potential property division issues by using an attorney’s guidance when drafting a prenuptial agreement that will protect the client’s interests in the unfortunate event of a divorce.

Source: New York Daily News, “Woman claims husband took $25M worth of art before filing for divorce: lawsuit“, Ginger Adams Otis, Nov. 10, 2015