As any Seattle divorce lawyer will tell you, divorces are fairly painful even when they involve the average American. However, when divorces involve the wealthy, they can become even more complicated.
A case in point is the recent divorce settlement that was announced between former Yahoo boss Susan Decker and Michael Dovey. The two had filed for divorce in 2007, and the settlement has only now been announced, after a period of 5 years.
The couple’s assets include a $5 million home in Belvidere, another $6 million property in California, 2 lodges in Lake Tahoe, and property in the Napa valley. There were also several modes of transportation including 5 motorcycles, and two sailing boats, and season tickets for the Giants baseball team up for division.
Right from the outset, the divorce proceedings were nasty. Both Decker and Dovey indulged in plenty of mudslinging and name-calling, accusing each other of drug abuse, extra marital affairs and espionage. At the very last hour, just before the case was due to go to trial, the two announced a settlement.
As part of their agreement, they will sell off many of their homes, and divide the proceeds between them. They have also decided to end their memberships of several clubs including the San Francisco Yacht Club, and also set up a $2 million trust fund for their children.
In any high- net worth divorce, there is more than just one house and the custody of the children at stake. Typically, assets in these divorces include wide flung business interests, stock, retirement accounts, bank accounts, properties across the country, and various other assets. These cases tend to be more complex, and may take a longer time to settle. In a high-net worth divorce, a Seattle divorce lawyer will consult with a financial expert who is experienced in handling high net worth accounts.
