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Couple in divorce dispute over art collection

Colorado couples who get a divorce may face a complicated process when it comes to dividing property. This is the case for a New York couple. The man is from a prominent art-collecting family, and his wife alleges that he took $200 million worth of art from their home. Some sources say he has placed it in an offshore trust.

The woman wants custody of their two children, but the man will not discuss custody until they have resolved their property issues. The couple appeared in court on February 13, but the judge told them they were still too far from reaching an agreement and set a new date of April 2. One issue that must be determined is the value of the art acquired between the couple's marriage in 2005 and their divorce filing in 2018. The art and most of the other assets acquired during this time are considered marital property for the purposes of property division in divorce.

The offshore trust could be broken and distributed between the two if the man is trying to conceal assets there as alleged. It will also be necessary to determine whether the art was bought for the home or as part of a business. In the latter situation, the court will have to decide what the woman's contribution to the business was.

Attempts to hide assets or a refusal to cooperate in negotiations can make the divorce process last much longer than it has to. However, many couples are able to resolve their differences enough to reach an agreement without going to court. Negotiation may give them more control over the outcome and can give them the opportunity to create plans for property division and child custody that reflect their individual situations.

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Mary Kay Kramer, P.C.
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