Millions of dollars at stake in property division dispute
When it comes to high-asset divorce cases in the state of Utah and across the country, the accurate identification and valuation of marital property can involve millions of dollars worth of assets. And while property division proceedings are often fair and equitable for both parties, there are instances where serious disputes arise over the failure to disclose all marital assets. One recent case illustrates how property division issues can result in serious legal complications, as well as conflicts over huge sums of money.
The ex-wife of the former CEO of Apple has filed a lawsuit claiming that the divorce settlement that the couple previously agreed to does not accurately reflect her ex-husband's net worth. The couple was reportedly married for 32 years, and their marital property was originally estimated to equal close to $5 million in 2010. According to the ex-wife, however, that amount does not reflect a large number of financial investments that the former CEO had. Those investments are alleged to equal over $25 million.
According to the ex-wife, her husband began concealing assets during the end of their marriage. Beyond that, the former Apple CEO is accused of hiding and transferring investment funds to family members. Representatives for the defendant in the lawsuit claim that the accusations made against him are false. One of the investments that he allegedly failed to disclose is now reportedly worth more than $100 million.
Property division can be the most significant aspect of a high-asset divorce settlement. Anyone with questions or concerns about the marital property in his or her case can speak to an attorney at any time.