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Spouses in high net worth divorce battle over donation funds

When a wealthy couple in Texas divorces, everything is likely to be on a grander scale. There may be multiple houses, cars and collections to split, as well as money and investments. The more money a couple has, the more easily one spouse can hide assets from the other. This happens frequently in a high net worth divorce, and it is not unusual for one spouse to be suspicious that the other has kept something back from property division.

In one such divorce in another state, things seemed to go relatively smoothly. The couple, who had been married for 50 years, had successfully negotiated a division of assets that seemed agreeable. Each received an equitable number of properties and about $20 million worth of securities. Four years after their divorce, the husband made a sizable donation to the Worcester Polytechnic Institute, raising suspicion in his former wife.

The man had made generous donations to the institution in the past, but this donation won him praise as the largest donor in the history of the school. His wife accused him of hiding over $4 million in a Swiss account and adding that money to his most recent donation. She contends that half of the money is hers, and she has asked for an injunction to prevent the school from spending the money.

When spouses in Texas hide assets during a divorce, it is not always about having more money as much as it is to keep the money from their spouses. A high net worth divorce is often contentious, and battling spouses want to make sure they receive what is fair and just for their part in the marriage. Having an experienced family law attorney to assist in seeking hidden assets and representing one’s interests may improve one’s chances of a fair outcome.

Source: newser.com, “He Donated $40M. Now His Ex Wants Some of It Back“, Arden Dier, March 8, 2017

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