When Billionaires Divorce - The Picasso Coin Toss
Rich people problems! What do you do when your spouse takes the $35,000,000 Picasso and leaves you a copy they painted in its place? you call your publicist! Seriously, that has to be how this story got into the media.
Billionaire Bill Gross and his wife were splitting up their art collection – using a coin toss as you do – and she was awarded various pieces. Turns out she’s also a pretty good artist herself and she had painted copies – so she left one in the place where the $35 million dollars Picasso had been.
At least she left him something to remember her by.
If you are splitting up the assets in your divorce, sometimes using the coin toss method can work – if you are getting along fairly well. other times, we have used methods like pieces of paper in a hat, alternating choices as an inventory is done but most often the men are just so exhausted emotionally they just leave everything- which is fine but be sure to get a valuation done so that you can use it to equalize up the money later.
Divorces are ugly and painful, but they don’t have to be financially devastating if you plan for it, and have a strategy. If you want to help, give us a call.