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Witherspoon and Philippe make $266,500 profit on property sale

Texas fans of Reese Witherspoon and her ex-husband Ryan Philippe probably know that they were married for seven years, had two kids and then divorced in 2007. In recent years, the couple lost quite a bit of money on their property sales. She recently sold her Ojai ranch at a big loss, which she had bought in 2008 for $5.8 million and ended up selling for $4,983,500, losing $816,500. Phillippe lost $1,175,000 on the March 2013 sale of his Sunset Strip mansion.

Since Witherspoon is number four on Forbes' Most Overpaid Actors list, her finances can withstand the real estate losses. Phillippe's career is also on the upswing with a new television series set for later in the year on ABC, which is a thriller called 'Secrets & Lies."

After the division of property and other divorce proceedings were complete, the couple still had one jointly owned property in Los Angeles, which was a 2,664 square-foot duplex with four bedrooms and four baths. They had purchased it at a price of $1,173,500 in October 2005 and sold it on Jan. 17 for $1,395,000. Their joint profit on the sale was $266,500.

Whether it is high-profile or not, a divorce can present all kinds of complex financial issues for couples to navigate. The division of the marital assets seems to be one of the more difficult problems for most divorcing couples who are among the many who choose to end their marriage every year. An attorney could help with issues like asset valuations and financial disclosures.

Source: Forbes, "7 Years After Divorcing, Reese Witherspoon And Ryan Phillippe Sell Shared Los Angeles Investment Property", February 07, 2014

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