Attorney Todd Dwire speaking with staff member in conference room

We See The Big Picture In Family Law

High net worth divorce of Danica Patrick

On Behalf of | Jan 25, 2013 | Firm News |

Minnesota residents may be aware that a divorce may be the option for various reasons. These reasons may be best known to the parties dealing with a divorce. Although people try to save their marriage at all costs, sometimes marriages end in a few months while some may take years. Social media website users may be well aware of the separation announcement of the National Association for Stock Car Auto Racing driver Danica Patrick. Recently, this high net worth divorce was filed in court.

The NASCAR driver announced on a networking website that she and her husband are separating. According to the post, the spilt was amicable. The NASCAR driver was married to a physical therapist, 17 years her senior. The driver says that there is no chance for reconciliation and hence, they have filed for divorce.

Recently, the couple filed the divorce documents in court. They have a prenuptial agreement in place. Neither spouse is filing for alimony. This may make the process a little easier for them. However, as is often the case, divorces may become difficult when property and assets are involved.

While dividing property and assets, the whole process may get frustrating. Especially when businesses and pension or retirement plans are involved. It may get difficult to split up the assets. While deciding on property division matters, the court may have a deep look at the family business, gifted or inherited assets, property that impacts taxes, pension or retirement accounts, stock options and homes. Also, the court may use business evaluators to determine the business’s worth.

As this involves a lot of technicalities, the person should be cautious while dealing with property division. The person should seek advice from a legal professional. The professional will ensure that the person gets the most favorable outcome in the divorce.

Source: KCTV5, “Marriage ‘irretrievably broken,’ Danica Patrick files for divorce,” Jan. 15, 2013


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