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Billionaire and wife choose to divorce

On Behalf of | Mar 25, 2016 | Firm News |

Dallas couples who divorce will have a wide variety of issues that have to be settled as they end their union. While everyone has their own individual concerns during this time, those who have significant assets will face challenges that a divorce of more modest means would not entail. This can include extensive property division, support, living arrangements, business dealings and other factors that frequently come up in a high asset divorce. Having legal help at the end of a marriage is imperative regardless of the assets that are at stake.

A billionaire entrepreneur and his actress wife have recently decided to end their marriage for a second time. Elon Musk, a co-creator of Paypal and of the electric car-maker Tesla, as well as other businesses, has parted ways with his wife, actress Talulah Riley. Mr. Musk is worth an estimated $13.7 billion. The couple had originally married in 2010 and later divorced. They got married a second time in 2013. Ms. Riley decided again to divorce her husband and has proceeded with the case. Mr. Musk had filed to divorce Ms. Riley at the start of 2014, but withdrew that filing not long after. The couple has no children.

When a couple with substantial assets divorce, the proceedings go on for an extended period as the participants battle over who should receive what. This can include business assets, stocks, retirement plans, homes, vehicles, bank accounts and other property interests. Some people who have a large amount of property and assets will go so far as to try to hide these from the other spouse. Having legal help is key to dealing with these complicated circumstances.

In this case, Mr. Musk is one of the wealthiest people in the world. The end of a marriage involving someone of his means will be unavoidably complex. People in Texas who are confronted with similar concerns of wealth and divorce legal issues have to be certain that they are aware of their rights and how to protect themselves. Speaking to an attorney with experience in a high asset divorce is a wise choice.

Source: Yahoo, “Internet tycoon Elon Musk and actress Talulah Riley divorce,” March 22, 2016