Wealthy Couple Fighting over Asset Division

When couples in Georgia file for divorce, their marital property is divided on an ‘equitable” or ‘fair” basis; this does not mean that property is split 50-50. Equitable distribution is also the law in New York, where one wealthy couple is currently going through a contentious divorce.

David and Libbie Mugrabi, who are considered ‘royalty” in the art world, have been battling over assets since 2018, which include artwork and expensive real estate in Manhattan and the Hamptons. David’s family, who have been prominent players in art auctions for over two decades, are well-known for owning more Andy Warhol paintings than any other private collector in the world. Some of David’s artwork could be considered part of his business, which means all or part of it may be separate property. Other artwork, which belonged to the couple’s personal collection at home, would be considered marital property.

Libbie claims that her estranged husband has tried to hide some of their marital assets in order to avoid splitting it with her. More specifically, she says that he took $200 million worth of art from their home, and she also believes he hid marital assets in an offshore trust. If David, in fact, has marital assets in a trust, a court would be well within its rights to access the trust to divide up the property equitably.

Couples going through a divorce in Georgia can decide to reach an agreement among themselves over the allocation of property so that a judge does not have as much power to dictate who gets what. However, negotiations can be complicated when there are many assets in question. A Georgia-licensed family law attorney might be able to assist individuals and represent their interests in a divorce.

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