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Couple's art collection discussed in divorce hearing

Most marriages begin with hope and promise of a happy future together. Couples move in together, bank accounts are joined, a family is formed and many purchases are made together over the years. Sadly, not all marriages manage to last throughout the years and many divorce to go their separate ways. The process of separating homes, family and items owned can be complicated and painful. One New York couple have attorneys helping them as they sift through all aspects of their marriage throughout their divorce proceedings.

Harry Macklowe, the 80-year-old husband, has built a successful developer company over the years and is reportedly worth over $2 billion. Linda Macklowe, his 79-year-old wife, filed for divorce a year ago, and they are still in the midst of hearings as they separate the items they have shared over the years. Not only are they disagreeing over who gets what, but Linda has filed a lawsuit against the sponsoring company of the building she lives in. Harry's company erected the building years ago, and she believes the current sponsor of the building is permitting her husband to expand his personal apartment into her apartment, which is on the same floor of the building.

Current court hearings concern the couple's extensive and valuable art collection. An appraiser valued the collection at almost $700 million, but others believe it could be as much as $1 billion. The art pieces consist of ones by artists Andy Warhol, Pablo Picasso and Mark Rothko.

Not every couple has a valuable art collection such as this one, but separating assets in a divorce is still complicated. New York attorneys with experience in family law can guide clients through the painful process. Considering every marriage is different, attorneys advise according to the specific needs of each individual client.

Source: nydailynews.com, "Divorcing billionaire fights for art collection worth up to $1B", Stephen Rex Brown, Sept. 27, 2017

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