During a courtroom deposition on February 9, Hunter Biden provided sworn testimony revealing a significant decline in his personal financial standing, a stark contrast to the period when his father, Joe Biden, served as Vice President. The deposition, which saw its transcript made public this week, is part of a lawsuit initiated in June 2025 by the law firm Winston Taylor, which is seeking to recover approximately $17 million in unpaid legal fees. Winston Taylor previously represented Biden through a series of complex legal challenges, including federal criminal charges, congressional investigations, and defamation lawsuits he filed against various parties.
"I don’t have any assets. I don’t own a car. I don’t own a phone." — Hunter Biden, Deposition Testimony
Under oath, Biden was pressed on the specifics of his financial situation and responded without equivocation. "I don’t have any assets. I don’t own a car. I don’t own a phone," he stated, according to the publicly released transcript. When asked to elaborate further on his remaining possessions, Biden testified, "I don’t own anything of any value other than—and I don’t know the value of it—my paintings which I painted myself." He concluded his response by asserting, "So that’s it. And I don’t even have any other assets at all, stocks, bonds, anything like that, savings accounts." These paintings, which he now cites as his only assets of value, previously commanded tens of thousands of dollars from buyers during his father's presidency, a sales arrangement that drew considerable ethics criticism from across the political spectrum at the time.
Biden, who has been disbarred in Connecticut, has reportedly taken on new employment at a high-end addiction treatment center located in Los Angeles. Despite this new professional engagement, he maintained during the deposition that there is no financial safety net from his family available to help him resolve his substantial legal debts. "My family doesn’t have any money, and it’s not their debt anyway," Biden stated flatly during the questioning. This declaration stands in notable contrast to the considerable fortune Biden accumulated years prior through a complex network of business ventures established while his father held the nation's second-highest office. Biden has openly acknowledged in both court filings and his published memoir that his struggles with addiction and a period of reckless spending consumed a significant portion of that amassed fortune over time.
His admission of financial hardship comes at a sensitive time for the broader Biden family, whose financial affairs are once again attracting public scrutiny. Former President Joe Biden is reportedly slated to receive a $10 million advance for an upcoming memoir anticipated for release in November. Similarly, Jill Biden, the former first lady, has already secured a substantial advance for her own memoir, which was released in June and quickly ascended to the top of The New York Times bestseller list. However, these publishing windfalls may appear more substantial on paper than in practice, as such advances are typically disbursed over several years and are subject to significant reductions due to taxes and agent fees.
Compounding the financial pressures facing the family, reports from Free Beacon indicate that Joe Biden’s Stage IV cancer diagnosis has reportedly hindered his ability to command the high speaking fees he once did. Furthermore, fundraising efforts for his presidential library have reportedly stalled, fueling speculation among analysts that the family’s once-robust income streams may be diminishing.
Beyond the financial disclosures, Hunter Biden’s legal team submitted depositions from both him and his former lawyer, Abbe Lowell, in response to a discovery demand from Winston Taylor. The law firm is seeking access to emails and encrypted messages, asserting that these communications are vital for pursuing its claim for unpaid fees. Biden has resisted this request, maintaining that he has already provided every document pertinent to the dispute. While he does not contest that Winston Taylor is owed millions, he claims the firm entered into the legal representation agreement in late 2022 with full knowledge that he lacked the financial means to pay the full amount. According to Biden's account, Lowell—who departed the firm formerly known as Winston & Strawn last year—repeatedly assured him not to be concerned about the accumulating legal bills. The dispute between Biden and his former legal counsel shows no immediate signs of resolution, with both parties remaining at odds over the production of records and communications. For a family long associated with political influence and financial opportunity, the recent courtroom testimony offers a rare and unfiltered glimpse into the potential for rapid shifts in personal fortune.
