A major part of any divorce revolves around the division of marital property and assets. Illinois is an equitable distribution state, which means that several factors are taken into consideration when making decisions related to a divorcing couple’s property and assets. For individuals with a considerable amount of wealth, numerous factors must be taken into consideration with regard to the actual value of assets, consequently, high asset divorces often take longer to resolve. This is particularly true in cases where one spouse attempts to hide assets.
While not a household name, John Sculley is the former CEO of Apple and is perhaps best known as the man who, in 1985, fired the late Steve Jobs from the company he would later go on to lead. After leaving Apple in 1993, Sculley went on to start a successful investment firm. More recently, Sculley has gained media attention for being the subject of a lawsuit filed by his ex-wife in which she accuses the millionaire of hiding assets during the couple’s 2011 divorce.
The legal dispute has been brewing since 2013, when Sculley’s former wife of 32 years claimed he intentionally hid assets in excess of $25 million from her and her legal team during the couple’s divorce. At the time the couple divorced, Sculley produced documentation of assets in the amount of $4.8 million. This amount, however, is in dispute as he’s being accused of hiding numerous investments in both private equity firms and businesses.
Recent court documents show that just one of the investments Sculley is accused of hiding is today valued at more than $100 million. In response to accusations that Sculley hid assets during his 2011 divorce, his attorney asserts such claims “have zero basis in truth.” The case is expected to continue to drag out as efforts to discover related assets continue.
When going through a divorce, it’s imperative that all marital assets are discovered and accounted for. A divorce attorney can aid in helping discover hidden assets and advocate for a client’s best interests.
Source: New York Post, “Former Apple CEO being sued by ex for ‘hiding millions’ in divorce,” Emily Smith, Jan. 25, 2015
