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Something to learn from the Harry Macklowe divorce

Billionaire Harry Macklowe, after 58 years of marriage to his wife Linda, is seeking to dissolve their union. His reasons for doing so are his own, which is true for any person who decides to seek a divorce. There is something that Missouri residents can learn from how is divorce is playing out, though, and it has to do with the handling of marital property.

When getting a divorce in Missouri, marital or shared property is supposed to be itemized and available for equitable distribution between spouses. Unfortunately, there are those spouses who may try to hide assets in order to benefit their personal situations when all is said and done. This is what Harry Macklowe is rumored to be doing.

The Macklowes have a fortune beyond what most people even dream about having. Among their shared assets is an art collection with a value of about $1 billion. Mr. Macklowe is said to be selling off part of the collection and hiding the money so that it is not included in the divorce settlement. If this is true, taking such action will only come back to bite him in the long run.

Hiding assets for one's own personal gain can have legal consequences in the state of Missouri. Because of this, it is just not something that is worth doing. No matter what happens during a marriage, both parties have the right to walk away with their fair share of marital assets. Those who want certain items may have to go to bat to get them, but with the assistance of an experienced divorce attorney it is possible to take the steps necessary to fight for the property division settlement one desires.

Source: pagesix.com, "Harry Macklowe may be secretly selling artwork amid $2B divorce", Ian Mohr, May 8, 2017

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