Divorce settlements are rarely straightforward, but divorce settlements for high profile individuals with business interests and property assets are even more complex. For one high-profile California couple, the divorce process has been even longer and more complicated than they probably imagined possible. When millions of dollars are at stake, as in the divorce of Frank and Jamie McCourt, seemingly simple tasks like asset division and even just answering the question "what is marital property?" can become quite complex.
In a story that has shocked the nation, a mother and father are accused of kidnapping their two young children and fleeing the country. Their escape was short-lived, however, and the entire family has been returned to United States soil. The story serves as an illustration of what not to do in regard to child custody matters, and sends a warning to parents in California and elsewhere who are facing a challenge to their parental rights.
Many California spouses are confident in their ability to retain certain assets in the event of a failed marriage. This is due to the fact that they drafted a prenuptial agreement prior to marriage. Doing so affords spouses a great deal of protection in the event of a divorce. However, if the document was not properly drafted or signed, the entire agreement can be thrown out of court and those protections lost.
Recent divorce trends offer a glimpse into the ever-changing structure of American society. While divorce was virtually unheard of in generations past, it has now become an accepted part of American society, and is rarely a surprise. Divorce rates are climbing among older California couples, as well, which necessitates a different approach when it comes to matters of property division.
When the dust has settled and the paperwork is complete, many California residents who emerge from a divorce look around and realize that the entire landscape of their lives has changed. Moving from married to single can affect virtually every aspect of one's day-to-day life, and finances sit at the top of the list of things that have shifted. Many people find that there were major errors made in the manner that finances were handled during their marriage, and the timeframe immediately following divorce is ideal for implementing new financial strategies.