New Developments in Billion Dollar Divorce Case
Last year, reports surfaced that a record shattering divorce settlement had been reached in a 6 yearlong battle. The high net worth divorce between Russian oligarch Dmitry Rybolovlev and wife Elena Rybolovlev made headlines because Elena was due to walk away from the marriage with a $4.5 billion settlement. The settlement included cash and investment accounts, as well as multiple pieces of property scattered throughout Europe. The property has an estimated value of over $150 million dollars.
Appeals Court Slashes Settlement
Throughout the original divorce action, Mrs. Rybolovlev accused her estranged husband of hiding assets and setting up trusts for their two daughters, ages 13 and 25. She claimed the funds lowered her husband’s net worth, and that she should be in control of them.
Tetiana Bersheda, attorney for Mr. Rybolovlev, brought forth a motion to appeal the 2014 settlement order. In her petition, Ms. Bersheda asked the Swiss Appeals court to overturn the ruling. The persistent attorney’s request was approved on Wednesday, and the settlement was slashed from $4.5 billion dollars to $604 million.
The decision issued from the Appeals court upholds the original settlement stipulation that keeps the trust funds separate from Mr. Rybolovlev’s total net worth. He was also awarded custody of the couple’s 14 year old daughter.
High Net Worth Divorce in NY
New York state is an equitable distribution state, which means all marital assets will be divided equally between parties during divorce. Assets can be both tangible and intangible, and their worth will need to be valued prior to distribution.
Business owners need to take special care to protect their companies during divorce. Depending on various factors, a New York business owner may be ordered to transfer a portion of their company to their former spouse.
High net worth divorce actions are very sensitive matters that require the skills of an experienced matrimonial attorney. Never, ever, attempt to proceed without proper legal representation.
Trust the Experience of NYC’s Best
The family law firm of Brian D. Perskin & Associates, P.C. specializes in contested, high net worth matters. We understand the importance of these cases, and make it our goal to protect our client’s assets and business interests. We invite you to learn more by calling 718-875-7584 or 646-760-1428 to schedule a free and confidential consultation today!