On numerous occasions on this blog, we have discussed the complexities of dividing assets in a divorce. It is undoubtedly one of the most challenging, frustrating and contentious steps in the process, and for good reason. After all, your future and financial well-being could be on the line.
In many cases, people can still manage to work through this process in mediation. In other cases, however, mediation is impossible when two people cannot even agree on the whether an estate is worth nothing or billions of dollars. That is the situation in which billionaire Harry Macklowe and his soon-to-be ex-wife Linda have found themselves.
According to reports, Harry Macklowe is denying claims by his ex that he is worth far more than it says on his divorce paperwork. She claims that among other things, her ex is the developer of one of the tallest residential buildings in the world. She says that the couple amassed billions of dollars in property and assets, which should be eligible for distribution.
Harry Macklowe, on the other hand, recently reported that his net worth is not in the billions; it is, in fact, negative $400 million. According to court remarks, the developer has evidently lost a lot of money and has had to borrow money, even though he is still able to continue building his "wildly successful" skyscraper.
These are obviously two very different perspectives, and the courts are now handling the situation.
While you and your ex may not be battling over million-dollar art collections or the value of a real estate empire, this case can be an example of just how differently two people can see the same situation during divorce.
If you are in a similar situation where you cannot agree on the value of your marital assets, or if you believe that your ex is concealing or lying about property, then your case can be headed for the courtroom for resolution. Witnesses can be called, and neutral financial analysts may need to address any creative or misleading accounting.
Under these circumstances, it will be crucial for both parties to have an experienced attorney by their sides.