The decision to file for divorce is never an easy one. Even when couples have all intentions to part amicably, some contentious matters are bound to make an appearance. This is especially applicable to high net worth divorce filings. Both parties need protection of their own interests, while at the same time they try to minimize the potential harmful effect of divorce on any children. Texas residents may be aware of the looming divorce of actress Gwyneth Paltrow and singer Chris Martin.
While the couple has only announced a recent separation, divorce filing may be imminent. The couple has been married for over 11 years and has a 9-year-old daughter and 7-year-old son. They claimed that their relationship has grown distant in recent years. Their claims of an amicable separation may prove to turn into a legal battle, as each party is rumored to be worth in the region of $140 million.
They are reported to own real estate valued in the amount of millions of dollars, including homes, apartments and estates located in both the U.S. and the U.K.. While such affluent couples typically arrange prenuptial agreements when they get married, it is unknown whether Paltrow and Martin have one. The couple got married in California, which is a community property state. If they file for divorce in California and are unable to agree between themselves on how to divide their assets, the goal of the family law court would be to divide the marital property equally.
When Texas couples are involved in a high net worth divorce, disagreements between the spouses could significantly complicate matters. Through thoughtful mediation and skillful negotiations, aggressive litigation may be avoided. Nevertheless, each spouse would have their own specific goals and wishes regarding any financial or emotional investment in the marriage. By seeking appropriate knowledge of applicable divorce laws and the intricacies of divorce litigation, spouses may be better able to negotiate a fair settlement during a divorce.
Source: sundayworld.com, “Chris and Gwyneth ‘set for ‘$280m divorce'”, Kevin Palmer, March 27, 2014