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Lessons learned from high net worth divorce

Most of the newspapers in Minnesota cover celebrity divorce stories. The money, property and assets make the people involved in a high net worth divorce make decisions that may not turn out to be good for them or their children.

Sometimes, the fact that a lot of money is involved in the divorce may complicate it further. But if the couple keeps emotions in check, the divorce may not get as complicated. In Katy Perry's divorce, she and Russell Brand parted ways without arguing over money matters. Perry has assets worth $70 million but the divorce was amicably settled and divorce papers were signed without any drama.

A high-profile divorce may be interesting for the people who read about it. The pressure on the parties and their decisions due may provide others with sound advice.

When the former Los Angeles Dodgers owner and his wife split in 2010, the property value involved was believed to be $300 million, out of which $131 million was given to the wife. Later, the wife filed a post decree lawsuit on the basis that the value of property was underestimated and the actual value was two billion dollars. Stating the correct property value during divorce is important in order to avoid getting involved in lengthy legal battles.

Because many people are not educated about divorce, the people involved may make incorrect decisions and later have to face consequences. Therefore, understanding the applicable laws is important for the individual. People in Minnesota may be interested to understand the procedure followed in the state.

Minnesota law provides for equitable division of marital assets. The court may appoint business evaluators to find the net value of the family business and also to get help from forensic accountants to find the future value of the business. This is done to divide the property equally between the parties. The person should consult a legal professional to understand the issues and possible outcomes.

Source: Huffington Post, "When the Vows Break: Celebrity Divorce Lists Offer Opportunity to Learn From Marriage Mistakes," Steve Lake, Jan. 31, 2013

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