In every divorce case, finality is one of the main objectives. Unfortunately, sometimes, finality can be hard to achieve. This is especially true in the case of some high-asset divorces, involving complex asset division. Making matters worse, the costs associated with not achieving finality is high financially and emotionally. Minnesota readers might find the following blog about an on-going high-asset divorce dispute interesting.
In New York, the on-going litigation between billionaire hedge fund manager, Steve Cohen, and his ex-wife, Patricia Cohen, is notorious. The couple divorced in 1990, but has continued to fight bitterly throughout the years. In fact, just recently, a judge threw out a RICO case filed by Ms. Cohen against her ex-husband. Ms. Cohen is, however, still proceeding with her case against Mr. Cohen for fraud and breach of fiduciary duty.
In the later matter, Ms. Cohen accuses her ex of failing to properly disclose financial information during divorce settlement negotiations. Specifically, Ms. Cohen claims that Mr. Cohen withheld information about a $5 million legal settlement he received from a business partner over a failed real estate project. The new litigation began in 2009 and continues to this day. It is unclear when the current litigation will be resolved.
A high asset divorce involving complex asset division can be difficult. From business assets and financial holdings to real property and more, there is a lot to keep track of and even more to lose. Nevertheless, the worst thing anyone can do in a divorce proceeding is to hide assets. While this might seem like a good solution to a difficult problem at the time, in the long run it will create far more problems than it is worth.
Source: CNN Money, "Steve Cohen's divorce battle continues," Kevin McCoy, Jan. 27, 2014
No Comments
Leave a comment