Last week we talked about some of the issues that come up when a divorcing couple needs to divide assets held in the form of artwork. This week we learned about a very affluent couple who is encountering this very issue in their divorce after nearly 60 years of marriage. What happened when they had to divide assets amounting to over half a billion dollars?
Harry Macklowe and his wife Linda Macklowe have been locked in an acrimonious divorce for the past two years. One of the issues in the property division process is the couple’s large trove of important and valuable artworks, valued between $625 million and $788 million. The couple’s total assets have been estimated to be worth $2 billion. Included in the artworks are pieces by Pablo Picasso, Andy Warhol and Willem de Kooning.
In addition to the art, the couple also has substantial holdings in real estate, a yacht, and millions in cash. This week a judge announced her decision after being tasked with devising an equitable distribution of the couple’s assets. Harry got to keep their yacht and Linda got to keep their luxury apartment. As for the hoard of artworks, the judge ruled that Linda will be able to keep $40 million in art – including the Picasso – but she will have to pay $20 million to Harry. The judge ordered the rest of the art collection to be sold off as part of the property division.
Property division in Florida can be a complex process, sometimes requiring the input of forensic accountants, appraisers and other experts. A family law attorney can help with coordinating these tasks and formulating legal arguments in favor of their clients.