When a couple that has built up a substantial amount of assets decides to get divorced, there is often a lot of negotiating when it comes to property division. Oftentimes, one spouse feels entitled to certain assets or accounts while the other spouse wants the same things for him or herself. While these disputes can arise among Fort Lauderdale couples, we hear about them most frequently in celebrity divorces.
One of the more recent celebrity divorces is that of rapper Big Boi and his wife. Although the pair have been married for more than 11 years, Big Boi's wife recently filed for divorce. According to court papers, the their marriage has been irretrievably broken. Sherlita Paton has asked for spousal support along with equitable asset division. Equitable asset division, however, is not always easy to reach.
For a couple with a lot of assets, property division can get complex. You have to consider everything from the marital home to financial accounts, and don't forget about the family business or even the pets. Next, you have to start splitting apart your intertwined assets.
When beginning discussions about property division in a high-asset divorce, both spouses should have their own legal representation. Having someone on your side can help ensure you are not overlooking anything important that could be problematic for your settlement. Determining what you hope to get from the settlement is the next step. Then it's time to negotiate. While some couples can sort things out in mediation, others need the court to weigh in to reach a final agreement. Whatever route you take, it is important to understand your rights during the process so you can protect your best interests.
Source: Atlanta Journal-Constitution, "Big Boi's wife files for divorce," Marcus K. Garner, Oct. 3, 2013