You and your spouse have agreed that a divorce is the right decision. But as you begin the divorce process, you start to realize that there are more considerations beyond simply agreeing to separate. The first thing that comes up is property division: who gets what?
Splitting up the property can cause a lot of emotional stress. You and your spouse argue over who gets the house, the cars, and whether the vacation home should be sold so that the two of you can divide the money from the sale. Then there are all the smaller things like pieces of art and sentimental knick-knacks that need to be divided.
The more property and assets a couple had during the course of their marriage, the more complicated the property division process can be. And while each state has specific laws about how property is to be divided in the event of a divorce, things can get nasty.
One couple in particular has garnered media attention for their high-profile divorce. The two divorced in 2005 but only recently reached a property division settlement. A billionaire and his now ex-wife were recently court-ordered to split their assets from their 19-year marriage.
The billionaire is estimated to have net worth of $1.3 billion. Prior to their divorce, the couple was used to living the extravagant life, traveling and staying in only the most luxurious hotels. When the two divorced, both walked away with expensive homes and vacation houses as well as priceless art collections and luxury cars.
But the dispute arose when the ex-wife sought more than what had been agreed upon initially. She claimed that her share of the assets should be greater; she also wanted more spousal support in order to maintain her lifestyle even after the divorce was finalized.
The recent court ruling split the assets in a way that the ex-wife received an estimated $100 million as well as nearly $500,000 a month in spousal support. It was not half of what the billionaire is worth, but it is still an amount of money that should be enough for her to live on.
Source: Sign On San Diego: "Divorce costs county's richest man $10M, $485,000 a month," Peter Rowe, Oct. 4, 2011