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$1 billion art collection at stake in high-asset divorce

When people decide to dissolve a marriage, there are invariably many difficult issues they must confront, such as asset distribution. In a high-asset divorce, however, there are generally unique circumstances to consider that are not present in regular divorces. Readers in Ohio who are facing this type of dissolution may be interested in a recent article regarding the divorce proceedings of billionaires Harry and Linda Macklowe.

Macklowe began his career as a real estate broker, but quickly transitioned into a high-powered builder in New York City. His firm is currently building a residential tower on Park Avenue, which will be the tallest of its kind in world upon completion. Some sources have claimed that the total estate is worth a few billion dollars.

An important part of the divorce is sure to be the fate of the couple's private art collection, which some estimate may be worth $1 billion. Linda is a member of the board of trustees for the Guggenheim Museum in New York, and she formerly served as the curator for the famed art gallery. Many believe the it is one of the most valuable privately-held collections in the world.

Ohio couples who may are facing a high-asset divorce could benefit from seeking the knowledge of an attorney with experience in this kind of litigation. Proceedings of this kind can be long, and they are typically complex due to the various forms of assets. Consulting a divorce attorney can help ensure that a fair split is negotiated and potentially reduce the cost and length of proceedings.

Source: news.artnet.com, "Huge Art Collection at Stake as Harry Macklowe Leaves Longtime Wife, Linda", Brian Boucher, June 1, 2016

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