In Texas and throughout the United States, a high asset divorce will have many issues in dispute. For those who have collected items of significant value like artwork, this can be the foundation for a long-term legal battle. Such is the case for a husband and wife whose art collection is one of the world’s most valuable.
Libbie and David Mugrabi’s art collection is at the center of their divorce. The couple initially filed for divorce in 2018. The collection has items of great value including pieces by Andy Warhol and Jean-Michel Basquiat. The art is just part of their portfolio. They also own substantial real estate.
A recent hearing in New York Supreme court resulted in the judge determining that the gap between them was so vast that a break until April was needed. The judge is hoping that the parties can settle the case by agreeing on a number rather than individual pieces of art. Another factor is child custody. They have two children and Mrs. Mugrabi wants custody.
The major challenge in the case is the art the couple accrued from the beginning of their marriage in 2005 through when they filed for divorce. Mrs. Mugrabi accused her husband of infidelity and of moving artwork worth approximately $200 million from one of their homes to hide assets. Mrs. Mugrabi also wants $120 million, one of their homes, legal fees paid, and monthly support of $75,000 for a decade. High asset divorce can include collections, real estate, a business and more. For those who are wealthy and concerned about how property will be split in the case, it may be wise to have legal advice from the start. A law firm with experience in high net-worth Texas divorces might be able to help.