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Billionaire's son's divorce may mean selling of art collection

High-asset divorces often come with complications that less affluent marriages and divorces never even consider. Such is the plight of Robert Soros, the son of billionaire George Soros, who is currently negotiating over an art collection with his spouse. If the couple cannot come to a fair agreement about the value of several pieces of art, a judge suggests that they may have to sell them.

Art, unlike many other tangible assets, is very difficult to value, and the value of some pieces may vary significantly depending on who is appraising it. In the case of Soros's divorce, his wife wishes to keep several pieces from the collection, but if they cannot agree on the value of these pieces, the court may force them to sell the art and split the proceeds.

"But, wait," you might say, "surely the son of a billionaire has a prenuptial agreement," and you'd be right. However, the prenuptial agreement between the two does not address how art that is marital property should be dispersed.

If you face a complex divorce, you may also face similar conflicts as you work to reach a fair divorce settlement. If so, you need very specific legal counsel that not just any divorce attorney can offer. You may want to consult with an attorney with years of experience navigating high asset divorces and protecting the interests and rights of a spouse going through one. Some things are far more important than mere dollars when it comes to dividing up you and your spouse's lives and moving on to a fresh start on your own.

Source: New York Post, "Soros kid’s divorce may cost him his art collection," Jennifer Bain, Sep. 06, 2017

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