In high-asset divorces in Minnesota and everywhere else, determining how your money will be divided is often the most contentious aspect. Minnesota property division laws call for equitable, but not equal, division of assets, leaving room for negotiation. Determining who will get what, however, is not always easy. You’ll have to determine how to split what you already have and then worry about whether one spouse should receive alimony and how much. As we have seen in many high-asset celebrity divorces, working these issues out can be challenging.
One recent celebrity divorce that has made headlines was recently settled with exception of some dispute over child visitation. NBA star Dwayne Wade and his ex have been involved in a divorce battle since 2007 when Wade filed for divorce. Last week the couple reached a $5 million settlement that was approved by the court, but the couple is still fighting over child custody and visitation rights.
The day the two reached a settlement in their divorce, Wade’s ex-wife went back to court to regain rights to see her children. Following their settlement trial, Wade filed a motion with a court demanding that his wife undergo a psychological evaluation before being allowed to spend any more time with their children. During the five-day trial, she spoke publicly on the streets of Miami about her divorce.
As we wait to see what will happen in this case, it provides a clear example of how contentious a high-asset divorce can become. When a couple has acquired a substantial amount of assets during their marriage, both spouses undoubtedly feel some right to an equal share. When they disagree on how to fairly split things up, it can make the process very difficult. Because of this possibility, it is important to have a divorce attorney on your side from the beginning.
Source: Chicago Sun-Times, “Wade, ex-wife divorce battle escalates,” Maudlyne Ihejirika, July 27, 2013