There are high-wealth South Florida divorces and then there are very high-wealth divorces. Back in July, the Palm Beach Post reported on the divorce of a couple who achieved significant success together in real estate, amassing wealth estimated to be around $750 million. Then, after more than six decades of marriage, the wife filed for divorce. The case presents an example of the many issues and complexities that can come into play when high-wealth individuals decide to divorce.
The then-newlywed couple, starting in the early 1950s, took a few investment properties and a business established literally in their kitchen and, over the next six decades plus, built an empire worth close to three-quarters of a billion dollars. Then, in 2016, the wife filed for divorce. The alleged motivation for the split was one that was not particularly unusual. According to the Post, the wife claimed the husband had found a new love and refused to end the relationship after she demanded it.
However, most couples’ divorces don’t entail numerous multi-million-dollar assets. The portfolio included shops in Palm Beach, restaurants in Delray Beach, bars in the Keys, and retail complexes in New York. The couple’s Palm Beach County assets alone were estimated to be worth roughly $160 million. Divorce matters involving large amounts of high-value assets can be complicated. First, the court must determine which assets are marital and which are non-marital. Additionally, the court must determine the value of each of the assets. This latter requirement was a main focus in this divorce, with “appraisers and accountants try[ing] to sort out the complexities,” the Post reported.