Billionaire Harry Macklowe and wife Linda are getting a divorce after 58 years of marriage. A lot of property is at stake, including an art collection that is valued around $1 billion dollars. Harry is said to be selling off part of the collection in an effort keep the funds for himself. While most divorcing couples in Pennsylvania are not dealing with assets like those involved in this case, trying to keep assets from property division can cause a whole lot of trouble for the offending spouse.
According to a recent report, one piece that the Macklowes own is going up for auction at Christie’s this month. The Roy Lichtenstein painting is listed for sale from an anonymous seller. Its value, an astonishing $35 million. Other pieces are also rumored to have been sold or are in the process of being sold.
If an asset is considered to be shared property, it is supposed to be included in a combined asset list and is subject to division. When one spouse tries to sell or hide property for his or her own gain, the other could be left walking away from the marriage with less than he or she is entitled to receive. Not only is this unfair, but it is actually an illegal move on the part of the offending spouse.
If one believes that his or her spouse is hiding assets, one’s legal team and other professionals can help uncover the truth. In the case of the Macklowes, Linda’s legal team would have to track down the missing art or the money obtained for selling it. The art or the money will then be subject to property division. Those in Pennsylvania who are going through the divorce process and believe that their spouses are keeping assets from property division do not have to sit by and let it happen. With the assistance of an experienced attorney, all assets can be accounted for and fairly divided.
Source: pagesix.com, “Harry Macklowe may be secretly selling artwork amid $2B divorce“, Ian Mohr, May 8, 2017