Quatela Chimeri, PLLC

High asset divorce does not always mean contentious litigation

Earning a considerable amount of wealth during one's lifetime can often bring about a sense of pride and accomplishment. Being able to provide for a family with a substantial income may also allow individuals to feel a sense of comfort. However, if a marriage comes to an end, the idea of high asset divorce can seem daunting.

New York residents may be interested in one wealthy couple that recently came to a divorce settlement in another state. Reports indicated that the wealthy couple had an estate worth approximately $50 million when the wife filed for divorce early last year after being married for 56 years. However, after her filing, her husband filed his own counterclaim. It was unclear whether any type of contention existed between the couple that may have presented issues.

The divorce case was recently set to go to trial, but the former couple were working on coming to a settlement with the assistance of their legal counsel. On the day that the trial was set to begin, the two individuals were able to reach a settlement. Details regarding the outcomes were not given in the report.

Because long, drawn-out divorce processes may be a fear of wealthy New York residents, they may take this case as a beneficial example. Though the estate involved in this divorce was substantial, a settlement was reached without the need for contentious litigation. If individuals are hoping to have a similar outcome for their high asset divorce proceedings, they may wish to speak with their legal counsel to find the best options for potentially doing so.

Source: wday.com, "Hectors reach settlement in estimated $50 million divorce case", Dave Olson, Sept. 11, 2017

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