The New York Times ran a story over the weekend about the spectacular demise of the marriage of two real estate dynasties. Kent Swig was married to Elizabeth Macklowe. The two lived in Manhattan’s fabled 740 Park Ave. until the real estate crash caught Swig’s business and marriage in a down draft.

The Times shares some of the details on how they each viewed their joint property, including a fair amount of art:

The same day that his in-laws gave him the loan, Mr. Swig signed a postnuptial agreement with his wife. In the event of a divorce, Ms. Swig would get both homes, while he would assume responsibility for the debts against the properties. She would also get almost $12 million in artwork, including works by Jeff Koons and Takashi Murakami.

Ms. Swig also declared sole ownership of $1.8 million in jewelry and $11 million worth of furnishings, including a $1,000 pig-shaped ashtray in the cigar room and a pair of Albert Cheuret sconces, circa 1925, which were valued at $100,000.

Five months later, in March 2010, Kent Swig filed for divorce. And soon Harry Macklowe, Mr. Swig later contended in court filings, began to break the promise he had made when he gave his son-in-law the loan.

With Fortune Falling, a 1 Percent Divorce (NYTimes)