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Why would a billionaire secretly sell artwork during a divorce?

Severing marital ties tends to be a highly emotionally charged situation, often evoking feelings of frustration and anger when spouses disagree about pertinent issues. Many Illinois residents understand what it's like to go toe-to-toe in court with a soon-to-be former spouse in heated battles over child custody, property or finances in divorce. In fact, some people apparently resort to behaviors not typically favored by the court.

Especially with regard to financial matters, full disclosure is the name of the game for spouses hoping to obtain positive outcomes in divorce court. Where high assets are concerned, it's actually illegal to divert monies in a direct attempt to keep assets out of a former spouse's reach. Real estate billionaire, Harry Macklowe, was recently accused of doing just that.

Sources say Macklowe wanted to keep his former wife from getting her hands on a valuable piece of artwork. Some say Macklowe purchased the art in question from the spouse of his mistress. Regardless of how it came to be in his possession, there are now allegations that he's been trying to secretly sell the artwork to keep the assets away from the woman he's divorcing.

Although the average Illinois resident is far from a billionaire, situations like this can occur, regardless of one's income level. Contentious battles over possessions, pets and even children often delay divorce settlements and create hard feelings between those involved. A good way to prevent such squabbles is to rely on a highly skilled negotiator, such as an experienced family law attorney, who can protect one's rights and address any obstacles that arise.

Source: pagesix.com, "Harry Macklowe may be secretly selling artwork amid $2B divorce", Ian Mohr, May 8, 2017

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