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High asset divorce: Couple must sell high-dollar art collection

On Behalf of | Dec 27, 2018 | Property Division |

The end of a marriage in Illinois and across the country is almost always difficult. If that end is contentious, the negotiations that ensue can be even more challenging to resolve. This could especially be the case in a high asset divorce where stakes are much higher. Often, a judge must intervene as one has recently done in the highly contentious divorce of Harry and Linda Macklowe.

The couple married in 1959 when they were 20 and 21, respectively. At the time, neither one of them had assets that were considered significant. However, over the years, Harry invested in real estate to great success. From the beginning of their marriage, reports claim that the couple began collecting art. While estimates of their collection vary, some say that it is now worth $700 million.

Though the art is in Linda’s name, it is considered marital property. Both sides hired experts to estimate the value of each individual piece, but some of their estimates varied widely. As such, a judge recently placed the paintings into three different groups. The couple agrees on the value of the paintings in the first two groups but not the third. The judge ruled that Linda would be awarded the first group, valued at $40 million, and pay Harry a $20 million credit; the second and third group would be sold, and the couple would divide the proceeds evenly.

When people go through a high asset divorce in Illinois, they likely want an experienced professional on their side. Knowing that such a professional is willing to fight on their behalf to secure their best interests can help reduce some of the stress inherent with such proceedings. Often, a frank conversation is the first step toward a more fulfilling future.


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