Former Apple CEO sued for allegedly hiding assets
Once a California divorce is finalized, it is usually safe to assume that both ex-spouses can finally forget all the heartache and pain of separation, and move forward with their lives. However, at times, that is easier said than done. Sometimes, there are family law concerns that may re-emerge and complicate the divorce. This most often happens in high-asset divorce cases.
Every detail and piece of information related to a divorce is significant, particularly if it involves assets, properties and other financial resources. During a divorce, both parties are required to disclose all assets, debts and properties to ensure that the asset distribution will be fair and reasonable for each spouse. Unfortunately, there are spouses who want to have a greater share of the assets and they may hide some of those assets. The subject of hidden marital assets is the recent controversy linked to former Apple CEO, John Sculley. According to reports, the co-founder of Apple is named in a lawsuit, which was filed by his ex-wife, for allegedly hiding over $25 million of his assets when they got divorced in 2011. Scully has an estimated net worth of $200 million.
Reportedly, the wife claimed that Apple’s co-founder lied, submitted a false financial affidavit and failed to fully disclose all of his assets. The court documents stated that the couple’s total marital assets in 2010 were worth $4.8 million. Sculley supposedly failed to disclose his investments in privately held companies and substantial private equity investments. Sculley’s representative denied the allegations, saying that the claim does not have a basis.
Full disclosure of assets is a requirement in every divorce case because the financial implications of a divorce from a spouse can be overwhelming. Hiding assets is a violation of this rule, as well as unethical and illegal. In most cases, hiding assets leads to legal consequences.
Source: Page Six, “Former Apple CEO being sued by ex for ‘hiding millions’ in divorce“, Emily Smith, Jan. 25, 2015