Divorce is a complicated affair on all counts. Not only does it break hearts, but it muddles financial matters as well. More or less, every Texas divorce involves some degree of the settlement of financial matters, such as spousal support, property division, or child support. In large asset divorces, the stakes are higher because there are more assets at risk.
Recently, Texas billionaire Sam Wyly was again sued by his former wife for hiding assets. The ex is alleging that the well-known Republican philanthropist has hidden the amount of stock that he had in various companies. Wyly started a software company decades ago and also owned shares in a successful arts and crafts chain. The billionaire stated that he sold his stakes in both companies several years ago, netting billions. Now, his former spouse has sued for improper property division. She alleged that she also had a stake in this community property and was not given a fair share.
Interestingly enough, the Securities Exchange Commission sued Wyly and his ex-wife five years ago for making $500 million in improper transactions. The former wife says that she was a victim because she is alleging that Wyly owned more stock than disclosed and transferred a majority of the stock after the divorce in order to avoid paying her, by asking the companies involved to delay paying him. If Wyly did act in this manner, he did not follow Texas property division laws.
This is not the first time that the Texas billionaire has been sued by his ex-spouse. She filed a suit in November 2014 to protect her alimony payment of $500,000. Watch this space for more information on the property division misadventures of the Texas billionaire.
Source: Courthouse News Service, “Texas Billionaire’s Ex Sues Him Again,” David Lee, Jan.28, 2015
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