Publisher Claims Ex-Wife Took His Fortune and His Frequent Flyer Miles
When former Simon & Schuster CEO Richard Snyder died in June, he was hailed as a titan of the publishing industry who left the company with annual revenues 50 times higher than they were when he took over. The New Yorker even once referred to Snyder as a “warrior-king.” Unfortunately, his final years were wracked with financial and medical problems that his family claims stemmed from a bad divorce from his ex-wife, Terresa Liu.
Shortly before his death, Snyder filed a lawsuit against his former spouse, seeking to recover some of the assets that he claims Liu took from him through deception. Clawing back funds already taken by a former spouse can be difficult. The best solution is to prevent the problem in the first place. Specific ways to safeguard your wealth include:
- Don’t be fooled by reconciliation hopes — In the divorce, Liu received approximately $10 million from the marital estate. However, Snyder’s suit claimed that his ex-wife continued spending time with him and assisting him as he battled health problems. During this period, he alleged that Liu was able to take an additional $3 million from his assets as she hinted at a possible reconciliation. Though couples occasionally remarry after a divorce, you should not allow your former spouse access to your assets based on the hope of a fairy-tale ending.
- Remember your non-monetary assets — Snyder’s complaint alleged that Liu, who regularly went on expensive trips, drained his frequent-flyer account of approximately 300,000 miles before breaking off contact with him. You should be aware of non-monetary assets such as frequent-flyer miles, country-club memberships and timeshare rights, when your marriage is ending.
- Update your plans as your finances shift — At one time, Snyder reportedly had a net worth of more than $40 million. However, his lawsuit said that by the time the divorce was finalized in 2018, the $10 million settlement payment comprised more than three-quarters of what he owned. Following the divorce, Snyder fell deeply into debt and faced lawsuits and other collection actions.
Regardless of the size of your fortune, you need a New York divorce lawyer who can protect your pre-marriage assets and help you secure your fair share of the marital estate.
Bryan L. Salamone & Associates, P.C. is the Long Island divorce leader. Our firm has extensive experience successfully handling the marriage dissolution process for high net worth New Yorkers. For a consultation to discuss the specific issues of your divorce, please call 1.631.479.3839 or contact us online.