Billionaire's divorce causes widespread asset discovery efforts

On behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA posted in High Asset Divorce on Thursday, February 20, 2014.

People in Maryland and many across the country are enthralled by the 2014 Winter Olympics in Sochi, but they may not have heard about the recent issues regarding one of the Russian Olympics' biggest benefactors, who is embroiled in a contentious divorce. His wife of 30 years has filed for divorce in the Russian court system, but now she has petitioned the U.S. courts to get involved by compelling some of her husband's business partners in the U.S. to testify about the man's assets.

In a complex divorce, it's important to take every step necessary to compel the opposing spouse to divulge everything about their financial situation, including business holdings, property interests and other accounts, even if those accounts span into international territories. That is exactly what the man's wife is now doing by requesting the assistance of the U.S. court system to help shed some light on the couple's financial situation. She claims he has been secretive about the couple's finances, but knows that a significant portion of his $14 billion fortune is within the United States.

Under U.S. law, an interested party may request relevant information regarding a proceeding in another country's court system. Thus, the executives who were subpoenaed may be required to comply with the request or file a formal objection to divulging what they know about the man's financial situation.

Not every country makes it as easy to request information about a person's financial holdings. Accordingly, people in the U.S. who have concerns about their spouse's foreign holdings need to consult with an attorney who is experienced in complex divorce issues.

Source: ABC News "Divorce of One of World's Richest Men Entangles American Execs," Mike Levine, Feb. 10, 2014