CNNMoney had an interesting story last month about an ongoing divorce battle, which started in 1988, involving a wealthy hedge fund mogul and his ex-wife.
According to the news outlet, a federal judge in New York issued a ruling last month advancing the case of billionaire Steve Cohen and his ex-wife Patricia. The couple separated in 1988, and has been locked into a legal dispute over whether Steve misled her at the time of their divorce over assets.
Steve is the founder of SEC Capital. Patricia said in court documents that he failed to disclose a $5.5 million legal settlement he received in connection with a failed real estate project. A judge allowed the case to advance, claiming that the “only thing that distinguishes it from countless others is the seemingly inexhaustible legal resources each side has brought to bear.”
“This is a case to restore faith in the old-fashioned idea that divorce is something that lasts forever,” the Judge William Pauley wrote in his ruling. “[T]he Cohens’ legal battles have covered a span over twice the length of their marriage.”
Pauley dismissed Patricia’s civil racketeering claim against her ex-husband, though he allowed her fraud and breach of fiduciary duty claims to go forward, according to CNNMoney.
How Do I Obtain a Post Divorce Modification?
This case shows the importance of working with experienced family lawyers during a divorce case involving valuable assets, as well as the importance of post-and-prenuptial agreements. It is possible that some of the legal proceedings dragging out in this case could have been avoided with proper legal planning and negotiations.
In general, if someone later alleges his or her spouse of hiding assets following a divorce, a person can either seek to modify post decree, or seek to void the entire decree and start over.
If you are contemplating a divorce and would like to protect your assets, let our firm arrange your initial consultation. Our family law offices in New York or New Jersey can be reached through our online contact form or at (800) 711-5258.
Kantrowitz, Goldhamer & Graifman, P.C. – Bergen County Divorce Attorneys
Source: http://money.cnn.com/2014/01/27/investing/cohen-divorce/