Celebrity divorces can be complicated because of the division of assets, but if you and your soon to be ex-spouse are high wage earners, you could also have more complex issues to contend with, especially if your divorce happens in the state of Texas.
Over the weekend, Heidi Klum filed paperwork in court that she is divorcing Seal. According to papers filed with the Los Angeles, California, court system, Klum cites "irreconcilable differences" as the cause of the divorce. The papers also revealed that Klum and Seal both decided on the financial arrangements of their divorce after they were first married.
The court papers did not go into detail about property division, but it is usually the most contentious aspects of a divorce. Texas is a community property state, which means that the property accumulated during the marriage must be divided evenly between the spouses to achieve a fair division of the assets. If there is a disparity of earnings or of separate property, a judge can rule that one spouse receives more property than the other to make the division as equal as possible.
If you are involved in a high asset divorce, there are unique challenges that you should be aware of including:
- How is your property classified -- is it separate or a community property?
- What is the value of retirement plans, stock options and investments?
- When the real estate is divided, what is its value?
- Are there any hidden assets?
- If you are a part of a family business, there could be issues of dividing the business or continuing to operate it.
Ending a marriage is an emotional and complex process and the help of an experienced family law attorney can help you through it especially if you are in a high-asset divorce. An attorney understands the complexities of a high asset divorce and will help you determine your options. In addition, an attorney will help you resolve any disputes and they will make sure your rights are protected. Their goal is to get you the life you want after the divorce.
Source: Examiner.com, "Heidi Klum divorces husband Seal over Easter weekend," Renee Mallett, April 9, 2012