What happens when New York real estate tycoons divorce? The answer: a nearly cataclysmic avalanche of lawsuits, bad press, and publicly hurt feelings.
53 year-old Kent Swig recently split from his wife, Elizabeth, in New York City. At one point, the Swigs owned $3 billion in real estate wealth. Both Kent and Elizabeth grew up as members of real estate families. Kent’s family owned lots of property in San Francisco; while Elizabeth’s father, Harry B. Macklowe, owned tremendous wealth in New York City.
Early in the marriage, the couple bought property on the Upper East Side at a very special building — 740 Park Avenue, home to billionaires such as Stephen Schwarzman, Ronald Lauder, and David Koch.
Unfortunately, the Swigs’ marriage hit the skids in 2007, approximately 20 years after they tied the knot, when financial hard times imploded their real estate empire. Kent Swig suddenly found himself personally responsible for over $100 million in outstanding loans, in the wake of the Lehman Brothers scandal. Kent allegedly lashed out at his wife one night, after drinking heavily in their Park Avenue home. Since the split, Harry B. Macklowe has relentlessly sued Kent Swig, multiple times. Kent argues that the suits constitute acts of vengeance. Mr. Macklowe denies the allegations.
What can you learn from this battle about your own family law troubles?
The Swig saga indicates how complicated and nasty divorces can become. Fortunately, you can protect yourself, your assets and your children by getting effective legal representation. Call attorney Scott Toussaint and his team now for a free consultation!