Wall Street Exec Required to Pay Over $4 Million in Fees Before Divorce Process Even Starts
An appellate court in New York recently ordered 48-year-old hedge fund manager Remy Trafalet, a Wall Street executive, to pay a total of $4.1 million in advance legal fees in what is expected to be a $200 million divorce battle. Of that $4.1 million total, $3.5 million will go toward interim counsel and expert fees for his wife, Lara, and another $600,000 will go to paying the lawyers she was awarded in 2017.
The judge ruled that Lara, a New York socialite, needed the money to start the divorce due to the significant scope of assets in the estate. It is expected to be a messy and complicated divorce because there is a $150 million trust in play, and each spouse’s assets will have to be separated from that trust. A lot of the property will also have to be professionally valuated.
Some analysts have said that this figure is unprecedented — interim fees typically are under a million dollars. But Lara’s attorney claimed the award is just, considering the amount of litigation Trafalet has been putting her through.
Strong legal representation critical in a divorce
If you go through a divorce, it’s important you have an experienced, capable legal team at your back to advocate for your interests. It’s inevitable that you are going to experience a financial hit during the divorce process, but a skilled lawyer will be able to minimize the hit you take and help you come out financially stable and prepared to move forward and achieve your own personal financial goals.
For more information on the next steps to take in the divorce process, consult a skilled divorce lawyer with Bryan L. Salamone & Associates.