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High asset divorce yields rejection of nearly $1 billion check

When a couple divorces in Spokane and anywhere in the United States, there are many divorce legal issues that must be handled. A high asset divorce is prone to have many more factors in dispute than a divorce in which there were fewer assets to battle over. When it comes to finances, a couple that has a substantial amount often takes a long time to sift through the assets from the marriage to come to a satisfactory resolution for both. This is true whether there were prenuptial agreements or not.

A divorce that has been prominently featured in the news is still moving slowly in spite of a generous settlement offer from the husband to his wife. An oil billionaire who has accrued an $18 billion fortune offered his wife a settlement of $975 million to end the appeal of their divorce proceeding. The check was hand-written and rejected by the wife. In the case, the judge ruled that she should be awarded nearly $1 billion. The wife is appealing because that is a small fraction of her husband's fortune. The husband appealed because the amount the judge ordered was in the husband's opinion too high. The wife rejected the check because she didn't want her appeal to be dismissed.

No matter the size of the portfolio in a divorce, one important factor for both parties is to have competent legal advice. There many factors that come into play with any divorce. With a high asset divorce, those disagreements are multiplied. The numerous issues that can arise include properties, how much will be paid in spousal support, where children will live and who might be given control of a business. Other issues such as potential allegations that there was abuse or criminal activity might also arise. Before entering into any agreement or taking a settlement, knowing how to navigate the legal system is key.

In this case, the husband has amassed a massive fortune working in the oil drilling business. His wife wants a bigger portion of the fortune than he's prepared to give. The amount of money they're discussing is unfathomable to those who are of modest means and work conventional jobs. With these types of divorces, having legal assistance is often especially important.

Source: Time, "Oil magnate's wife rejects $975 million divorce check," Maya Rhodan, Jan. 7, 2015

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