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A deposition transcript released this week shows Hunter Biden asserting under oath that neither he nor his family possesses meaningful financial resources while battling a significant legal bill. The testimony emerged in an ongoing financial dispute with the law firm Winston Taylor, which is seeking $17 million in unpaid fees for representing Biden through criminal prosecutions, congressional investigations and defamation cases.
During the deposition conducted in February, Biden stated that his only asset of value consists of paintings he created himself, and that he owns no vehicles, phones, stocks, bonds or savings accounts. He argued that Winston Taylor understood his financial constraints when taking him on as a client and that the parties had agreed to negotiate payment terms informally.
Recent reporting has cast light on broader financial struggles within the Biden family. The Wall Street Journal disclosed in September 2025 that former President Joe Biden has encountered difficulties monetizing his post-presidency through speaking engagements and other ventures, partly due to low public approval and potential political complications. Upon leaving office, the former president carried approximately $800,000 in personal debt and faces elevated property taxes on his $2.7 million Delaware residence.
Biden’s years of documented substance abuse and luxury spending provide potential context for his claimed current insolvency. Reports indicate he spent substantial sums on crack cocaine, alcohol, high-end hotel stays, and other expenses that may have depleted wealth accumulated through art sales and a seven-figure salary earned while serving on the board of Ukrainian energy company Burisma.
In July, a judge awarded Biden $1.7 million in a defamation judgment against Overstock CEO Patrick Byrne. However, Winston Taylor has moved to place a lien on those proceeds, and collection efforts remain uncertain given Byrne’s reported location outside the United States.
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