After 67 Years of Marriage, a Palm Beach Couple Divorces: What Will Happen to Their $750 Million in Real Estate Holdings?

Are you involved in a Palm Beach probate where there is an issue of who inherits joint bank accounts after a Florida divorce? Are you familiar with Florida Probate Law 732.507, and whether an ex-spouse inherits if they are still listed in a Florida will? How can divorce affect bank accounts and inheritances? According to the Palm Beach Post, Burt and Lucille Handelsman are getting divorced. This Palm Beach couple built a real estate empire that “encompasses some of the toniest shops on Worth Avenue, restaurants in Delray Beach, bars in Key West and retail complexes in upstate New York.”  West Palm Beach estate lawyers can’t help but wonder what will happen to their assets. What will happen to their bank accounts? Will they still inherit from each others estates when one of them dies?

After 67 years of marriage to Burt, Lucille (also known as Lovey) has filed for divorce. She is 88 years old and, according to the article, there is an “estimated $750 million in far-flung real estate holdings at stake.”  Because of the couple’s age, the clock is ticking. What will Lovey and Burt inherit from each other if the divorce is NOT granted before one of them passes away? What will they inherit is the divorce IS granted?  The Palm Beach Post explains that “under Florida law, Lovey gets 50 percent of the empire she helped Burt build if the couple divorces. But if she dies before she is granted a divorce, she — and ultimately her children and their children — could receive less than 30 percent, her lawyer said.” To read the entire article, click here.