Divorce is Complicated when One Partner is Sneaky

After over 30 years of marriage and six children together, Tony and Jeanne Pritzker are getting divorced.  The billionaire/philanthropist pair have some pretty complicated issues to work out, though, and Jeanne is finding out that she really had no idea how deceptive her husband could be.  It’s ultimately costing her in a big way.

The Mansion 

The Pritzkers had been living in a 50,000 square-foot estate overlooking Los Angeles, a home that also served as the base for philanthropic activities. Jeanne wanted to keep the property in order to continue with this type of work, but she was in for a big surprise—and one that was not to her liking! It turns out that the home, alone with every bit of the contents, were owned, not by the couple, but by a complicated network of limited liability companies (LLC’s) and trusts. And because Jeanne was not a beneficiary of these, she not only had no right to reside in the home—the property wasn’t even part of the marital estate.  While she’d been thinking that she was entitled to half of the property according to the community property laws common across the country—she was actually entitled to none of it.

It’s Not Uncommon 

As it happens, Mr. Pritzker’s actions are not unprecedented. Wealthy individuals often drop assets into LLC and/or trusts in order to keep their ownings private, evade taxes, and manage estate planning. It winds up becoming a form of divorce fraud, and happens all the time when wealthy couples split up. Instead of making purchases in the names of the couple, they are made in the name of an LLC, which shields the property from unsuspecting spouses in the event of a divorce.

Additional Instances of Hiding Assets 

There are plenty of avenues through which the wealthy can hide their assets.  Recent cases include:

• When John Paulson, a wealthy hedge-fund manager, divorced his wife Jenica, he was accused of tucking billions of dollars in trusts that were hidden from his wife. (He claims they were for the kids and his wife knew about them).
• Elena Rybolovleva accused her husband of purchasing properties across the globe in order to hide billions when they divorced.

 Marital Property 

Anything that is accrued during the course of the marriage is considered marital property, which, in Missouri, is to be equitably divided in a divorce.  The problem with cases like these is that it is difficult to track down who owns what when ownership is disguised through complex dealings.

Fighting for You 

Do you believe your ex is hiding assets to which you are legally entitled? At Courtney & Mills, our experienced Springfield family attorneys are prepared to fight for the best possible outcomes for you. Let’s talk about it in a confidential consultation in our Springfield office today.

Source:

revisor.mo.gov/main/OneSection.aspx?section=452.330