Many people here in California know that we are in what is called a community property state. Generally speaking, this means that property acquired during a marriage is jointly owned by both spouses, and as such it should be divided equally if the marriage comes to an end. As simple as this sounds, it can actually be quite complicated.
In some cases, prenuptial agreements might call for a different type of division. In other cases, forensic accountants, appraisers, Certified Public Accountants and others must be involved in order to make sure all marital property is accounted for and assigned an accurate value. For example, details are beginning to emerge about the divorce settlement between Camille Grammer and Kelsey Grammer, and if this would have been a simple division it likely would not have taken so long to complete.
Camille Grammer, who wed the “Frasier” star in 1996, filed for divorce in 2010.
It has been reported that the couple had about $60 million of marital or community property, and that this would be divided in half, with each party receiving $30 million. Three homes that are currently on the market are included in this, and the proceeds from those will be divided 50/50.
Although Kelsey Grammer earned money from his “Cheers” and “Frasier” tenure before marrying Camille, he reportedly had squandered away much of his wealth by the time of marriage. This, actually, may make things easier to split up if most of the couple’s assets, property and money were acquired while married.
The two are probably both ready to close this chapter. They have had several public spats, including name-calling and the like, of which Kelsey Grammer recently expressed regret that this type of behavior went on in front of their children. That is an example that many divorcing couples may be able to learn from.
Dividing a marital estate is not easy, but it is important to remain level-headed and allow the professionals to handle the disagreements.
Source: The Huffington Post, “Camille Grammer Divorce Settlement Details Emerge; ‘Housewives’ Star Gets $30 Million,” Sept. 6, 2012
- Our firm handles the division of community property in divorce. To learn more about our family law practice, please visit our California Divorce & Community Property page.