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The complicated world of high-asset divorces

On Behalf of | Jul 9, 2020 | Divorce, High-Asset Divorce |

The divorce process can be a complicated thing to get through. This is particularly true in high-asset cases. A recent look into the complicated world of high-asset divorces comes from outside of Washington. Jeff and Penny Vinik, who are famous in their local community and some of the wealthiest people in their area, are ending their marriage. The splitting of their property is what may hold up the dissolution process.

According to reports, Mrs. Vinik initiated the divorce after over three decades of marriage. Her husband, the owner of the Tampa Bay Lightning, amassed a significant fortune during the marriage, of which Mrs. Vinik claims to have played a significant role in acquiring. She is expected to walk away with a sizable settlement, however, as the majority of their marital assets are titled under his business entities, trusts and foundations, at present she has little access to their property and is unsure what she is entitled to. While the details of their property settlement are being hammered out, Penny has asked for alimony, as well as sole access of two of the couple’s homes and vehicles, and use of their private jet.

Achieving a settlement with which both parties are satisfied could take months, but there is a chance it could take longer. It all depends on whether they can privately negotiate or mediate settlement terms, or if their case ends up being fought out in court. It also depends on what is ultimately deemed marital versus separate property, particularly when it comes to the Lightning franchise.

Washington is a community property state, which can make the division of assets much easier to accomplish in most cases, but high-asset divorces are a bit different. These cases often have many complex issues that need figuring out before agreeable terms of dissolution can be reached. Thankfully, those going through high-asset divorce cases do not have to do it alone. Each party has the right to seek legal assistance to help them fight for settlement terms that best serve their interests.