Regardless of the reasons, going through a divorce can be a highly emotional and energy draining process. The time between making the decision to divorce and obtaining a final divorce decree can be long, stressful and difficult, especially in cases involving significant amounts of assets.
Have you heard about the pending high-profile divorce between celebrities Johnny Depp and Amber Heard? So far, their case has been full of high-conflict issues, including requests for alimony and accusations of domestic abuse. While every marriage - and every dissolution of marriage - is unique in its own way, their public battle sheds light on some of the concerns that entertainers and other high profile individuals may face when going through a divorce.
Some residents of Texas may be interested to learn of a recent article discussing the advantages of preparing some aspects of a divorce ahead of time. More than 800,000 divorces are started every year in the United States, and one of the most difficult issues to decide is almost always asset division. Complex divorce cases often involve a prolonged series of asset valuations and reviews of property interests, in which one or both parties may find themselves being marginalized. In order to facilitate such procedures and perhaps prevent such animosity, the author presents five recommendations for possible courses of action to take before a divorce begins.
Another high-profile couple has announced their divorce. In this case, it's pharmaceutical tycoon Stewart Rahr and his wife of 43 years who are splitting. Rahr, who is worth an estimated $1.6 billion, will join the ranks of other billionaires who recently have faced divorce proceedings. Some of them, like Philadelphia Eagles owner Jeff Lurie and coal magnate Joseph Craft, saw their names fall off the Forbes 400 list following their divorces, their fortunes depleted by expensive proceedings and unfavorable settlements. While Rahr may not necessarily lose his billionaire status as the result of divorce, he likely will face many of the issues common in a high net worth divorce.Asset division can be a difficult issue in any divorce, but more assets can mean more conflict. A complicating factor in a high net worth divorce is the need to locate and value assets such as business investments, overseas bank accounts, fringe benefits, and executive perks. Comprehensive valuation is critical for equitable asset division.
T. Boone Pickens, the 84-year-old Texas oil tycoon, and his wife of seven years have filed for divorce. While they both profess that the split is mutual, questions are yet unanswered as to what exactly will happen with Pickens' $1.2 billion fortune, including two mansions and a private jet. The couple lived in the exclusive Dallas neighborhood of Preston Hollow, alongside such Texas notables as former president George W. Bush and many of the Dallas Cowboys. However, recently, Pickens has been handling business affairs in Texas while his wife oversees various charity projects in Nevada and California.One of the reasons why divorce can be so complicated is trying to figure out who gets what. This is often not as simple as one might think because, for example, not all of the property used and enjoyed by the couple, including the home they lived in, can always be considered marital property. Determining how the Pickenses' estate might be split up to account for the divorce will depend on a variety of factors, including how the state of Texas defines community property and whether or not the couple entered into any kind of agreement prior to or during the marriage.
Many married couples in Texas have a lot of firsts to look forward to: first home, first child, first anniversary. However, with the imminent divorce of Chad Johnson and Evelyn Lozada, one unique first -- first reality series together -- will apparently never come to pass.