If you are involved in a divorce in Texas, there is always a fear that your spouse may be siphoning assets from the marital estate and engaging in subterfuge to hide them. The chances of this happening increase when you have a higher net worth. This is what has occurred to an extreme degree in one billionaire divorce although the husband’s actions are fully legal in one state.
A billion-dollar estate reduced to $12 million
The husband made billions in quantitative trading, and he and his wife lived an extravagant lifestyle with at least a dozen homes and even a $5 million Egyptian mummy. Now, with a divorce pending, the wife has learned that the marital estate is valued at only $12 million, and she stands to receive next to nothing. She has spent millions of dollars to try to access their formerly shared property but may never be able to receive her due.
The money is untouchable in South Dakota
Her husband did this by moving nearly all of their assets out of his name and into a South Dakota trust. The wealthy know that the laws of the state promote asset shelters that make property virtually untouchable. South Dakota has attracted hundreds of billions of dollars of assets on the premise that others cannot touch the money and barely even know of its existence. Here, the husband established a series of trusts and secretly switched the beneficiary to someone other than his wife. However, this is all entirely legal under the South Dakota laws.
If you are in the process of a divorce, you may need an attorney on your side when it comes to figuring out how the marital assets are divided. If your spouse is moving assets, it could be difficult to detect on your own. Your attorney may be able to follow the money trail to learn that your spouse is hiding assets and figure out where the money has gone.