The New York Post’s Page Six reported earlier this week that Carol Lee Sculley is filed a suit against her ex-husband alleging that he hid nearly $25 million in assets from her when the couple divorced in 2010. At the time she received a $4.8 million dollar settlement, but believes she should have gotten more.
In court documents obtained by Page Six, the former Mrs. Sculley says that in 2010 her husband began carrying on an extramarital affair. It was at that time that he began to hide assets in private equity frims and other investments with the help of his two brothers. She alleges that he hid $25 million in assets and file false affidavits when they divorced.
Ronn Torossian, a spokesman for John Sculley denied the allegations and said the allegations “have zero basis in truth.”
Sculley is known for being the executive who fired Steve Jobs in 1985 after a disagreement. Jobs went back to Apple years later when Sculley left the company.
In a recent study conducted by the National Endowment for Financial Education, 31 percent of participants said they hid assets, purchases and debts from their spouse during their divorce. Additionally, thirty-four percent said they lied to their spouse about finances. So, in nearly one-third of divorces, someone is being dishonest about how much money they have or how much they owe.
It’s natural for a higher earning spouse to want to keep more money for themselves, but it’s unfair to hide those assets. And it’s illegal. Lying about finances in affidavits or in court is considered perjury is actually punishable by jail.
However in most cases, hiding assets from an estranged spouse will lead to financial penalties which can included a higher settlement for their estranged spouse. A judge may order a dishonest spouse to pay their former spouse’s attorney fees and other divorce-related costs; the very thing the offender was trying to avoid in the first place.
It’s crucial if one spouse suspects the other of hiding assets that they enlist a team of accomplished divorce attorneys to work on their case. It takes time, but most attorneys can find hidden assets and, if they can’t, they have forensic accountants who can. Despite how cleaver a person may be, money usually leaves a trail and your attorney will diligently to find it so you aren’t shortchanged in any settlement you receive.
Untangling you and your spouse’s finances can be a complicated task, but a top-notch St. Louis divorce attorney has the experience it takes to accomplish this feat. Don’t hesitate to call them and discuss the details of your case. The sooner you can the quicker your attorney can get to work on your case and secure the best divorce settlement possible.