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New York billionaire faces large divorce payout

Separating marital assets in a divorce can be a complicated matter. High asset divorces tend to be especially complex, particularly when multiple investments, real estate holdings and other assets are involved. It is essential to understand all legal rights available during a divorce in order to achieve the best possible outcome. One New York billionaire is poised to make one of the state's largest divorce payouts, depending on the outcome of divorce proceedings.

The billionaire's wife of 43 years has initiated divorce proceedings against her husband, who is worth a reported $1.6 billion. Some of the real estate holdings in his name include a Trump Park Avenue apartment and a $43 million home in the Hamptons.

Even under New York's equitable distribution standard, it is expected that the wife will walk away with a large settlement due to the length of the marriage, their having had two children and her support of her husband while he amassed his fortune and grew his business. Inside sources report that the divorce so far is amicable. An attorney for the husband also confirmed that the proceedings have been friendly and that the two expect to remain friends in the future.

The man, known for his philanthropic nature, has donated more than $25 million to a variety of charities. He is also known for his many powerful celebrity friends, living a playboy lifestyle and having a violent temper.

Divorce is not always easy, even in the best of circumstances. When a long marriage and a large fortune are involved, the legal issues can become very complex. It is important to fully understand all options available during a divorce, especially a high asset divorce.

Source: Daily Mail, "Playboy billionaire worth $1.6 billion set to make one of New York's biggest divorce payouts after wife of 43 years launches proceedings against him," Dec. 3, 2012

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