Former New York City mayor involved in high asset divorce

On Behalf of | Nov 20, 2018 | High-Asset Divorce |

Any divorce has its difficulties, but when it is a high asset divorce involving a high-profile couple, it adds several layers to what they must deal with publicly and privately. Regardless of the circumstances, many divorces have certain similarities and that is true whether the couple was prominent and had significant assets or it was a more low-key couple whose income and assets were limited. One factor that should not be ignored is the need to have legal assistance from the beginning of the case.

The former mayor of New York City Rudy Giuliani is in the middle of his third divorce and there is a dispute over finances and more. Mr. Giuliani, who has gone into private legal practice after his time in public office ended, is battling with his estranged wife over expenses. His wife says that he is claiming he has less money than he really does have. She says he has spent more than $900,000 in the past seven months despite asserting he has financial problems.

Part of his payouts have been more than $12,000 for cigars and more than $7,000 on fountain pens. The 74-year-old former mayor spent nearly $300,000 for his girlfriend, and more than $600,000 for travel and personal enjoyment. She says his financial issues coincided with the decision to divorce. He reportedly earned around $9.5 million in 2017. For his part, Mr. Giuliani says that his decision to serve as an attorney for President Donald J. Trump without charge has substantially diminished his income. His legal representation says he has spent approximately $1 million in expenses to support his wife during the divorce and that she is not employed of her own volition.

In New York, there is no shortage of people who have substantial assets. With that, there will be many high asset divorces that have disputes over bank accounts, retirement accounts, residential properties, businesses, stock portfolios and more. When it is a high-profile couple, it compounds the customary factors that are part of any divorce. For those who are in this type of divorce, having legal help is vital. A law firm that understands property division in a high asset divorce should be consulted with from the beginning to ensure a fair and equitable distribution.