According to one survey, about 30% of the entire US population owns some kind of luxury vehicle. This represents a post-pandemic surge, and it challenges the notion that only the ultra-rich can afford these vehicles. In truth, many Americans acquire luxury vehicles even if this does not represent a financially responsible choice. “Car culture” is…
DetailsWasteful dissipation of assets is something that most divorce lawyers are familiar with. This concept refers to the intentional or reckless waste of assets during divorce, and it can come in many forms. Some of the most common examples include gambling away the family fortune, destroying shared vehicles, or smashing the kitchen cupboards. But even…
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Over the past few years, Russian billionaires have certainly earned their fair share of criticism in the West, and a London divorce court is currently causing a serious headache for Vladamir Potanin. As Russia’s richest man, Potanin has predictably been sanctioned by the West – and his divorce trial has all the trappings of a politically…
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Although all eyes are on Johnny and Amber’s epic defamation lawsuit, another divorced couple is quietly preparing for one of the most expensive divorce trials in history. John Paulson’s fortune makes Depp’s wealth look like chump change, and the hedge fund manager was said to be worth well over $4 billion in 2020. His ex-wife…
DetailsUnfortunately, divorce can lead to the liquidation of a couple’s most beloved (and expensive) assets. These situations are often difficult for everyone involved, but sometimes there just is not any other option. Liquidating assets becomes even more likely when the assets in question have no real utility, and so co-ownership would not really provide any…
DetailsWhen spouses seek to divorce celebrities or high-net-worth figures, they are often accused of doing it “for the money.” In order to dispel these rumors, some spouses announce that they are planning to donate their divorce settlement to charity, making it clear that they were not motivated by financial goals when ending their relationships. One…
DetailsEveryone knows that divorce can trigger considerable tax issues. With high-net-worth assets switching hands and property of enormous value being sold, this is definitely something spouses need to keep in mind as they end their marriages. Financial experts can help them limit these tax issues in a number of different ways, and lawyers also have…
DetailsIf you are a high-net worth individual, you need to be very careful about how you pay for your divorce attorney. There are complex laws regarding when and how corporations can pay for divorce-related legal fees, and you need to be very careful about how you approach this situation. If the company is publicly-traded, the…
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Michael Fuchs is the co-owner of the Chrysler Building in New York, and he is heading for divorce. The billionaire owns a considerable amount of midtown Manhattan real estate, which means that his divorce could have a very real impact on New York’s real estate world. Fuchs’ former spouse is Alvina Collardeau-Fuchs, who is now…
DetailsWhen most of us get divorced, we run the risk of losing the family home, the car, and perhaps the dog. When billionaires get divorced, they run the risk of losing assets equal to that of a small nation. Such is the case with Russian billionaire Vladimir Potanin, the second-richest man in all of Mother…
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