Divorce has found its way into many American families. The divorce rate for American families is at 50 percent. It can happen to anyone, neighbors, therapists, parents and even billionaires. Many Montgomery residents may be familiar with multi-billionaire Rupert Murdoch and his role in the media company, News Corp. The billionaire recently filed for his third divorce from wife Wendi Deng Murdoch.
Less than a month after Murdoch’s second divorce was finalized in 1999, the news mogul married Deng. After an irretrievable breakdown of marriage and two children later, the couple has decided to call it quits. One of the main points of interest in the divorce is how the two will settle their property division. Murdoch is estimated to be worth $11.2 billion. His previous divorce cost him $1.7 billion, will this one be just as high? Since the couple signed a prenuptial agreement, it is not very likely.
Predicting the outcome of a property division dispute is often a difficult task. There are many factors that play a role such as premarital property, retirement accounts, marital property and whether or not a prenuptial agreement was signed. Tennessee is an equitable distribution state which means the courts will classify all prorperty as either marital or separate. Most of the marital property is subject to equal distribution while separate is often not.
Prenuptial agreements may also drastically alter the outcome of a property division case. In many prenuptial agreements, asset division is typically outlined in the document so that if divorce does result, propery division is already determined.
Tennessee residents who are going through a divorce may find property division to be a diffictult time. For those in need of assistance, an attorney may prove effective.
Source: NBC News, “News Corp’s Rupert Murdoch files for divorce from wife,” Tracy Connor, June 14, 2013