In a divorce proceeding, there is often heated dispute about the division of marital property. Assets such as money and real estate may provide a few challenges but can usually be divided appropriately. Less tangible assets, such as intellectual property, may pose a more complicated problem. Under California community property laws, they may even become a contentious issue many years after the divorce has been finalized.
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.
When divorce is on the horizon, many California spouses feel a string need to prepare. This can take a number of forms, from preparing one's friends and family for the news to setting aside money to get through the divorce period. In some cases, one or both spouses will work to set up and fund a 'secret' or 'hidden' divorce account.