Couples in San Antonio are often encouraged to consider creating a prenuptial agreement to help protect any assets that they may bring into their marriages. The hope is that by doing so, any disputes over the ownership of such assets (or how any assets the couple chooses to acquire together will be divided) can be avoided. Yet even the presence of a prenuptial agreement may not eliminate the potential for disagreements over how it is enforced or interpreted.
A case currently playing out in New York may serve to illustrate this point well. A multi-billion-dollar investment fund manager and his estranged wife are currently battling over how the proceeds from a $22 million art collection should be divided. The wife is arguing that she is entitled to half the value of the collection given that the two acquired the paintings together, while the husband had initially claimed the entire collection should be his due to his name being the only one on the bills of sale. A lower court decision supporting his claim was recently reversed. Now, the wife is claiming that ownership of the paintings should be determined based on the sentimental value each assigns to them. The husband, on the other hand, says the value of the collection should be split evenly based on the terms of the couple’s prenuptial agreement. The wife’s attorney has countered that claim saying the agreement does not specify how assets should be divided.
As this case demonstrates, disputes over the division of property can arise no matter what resources may be in place to avoid them. Those who become embroiled in such disputes may do well to consider securing the services of an attorney to help support their claims.
Source: New York Daily News “Soros’ son wants to sell art at center of divorce battle” Ray, Esha, Sept. 06, 2017