Divorce can be a complex and highly emotional processes. This may be especially true during a high asset divorce. When couples have large amount of assets, money or property accumulated over the course of marriage, they must proceed with caution in order to best protect their individual assets and rights.
Recently, Khloe Kardashian finally decided to divorce Lamar Odom. Rumors of marital problems, drug use and infidelity have been circulating for a while, but reports claim that there was strategy in the delay of divorce. Because the divorce was delayed until their fourth anniversary, Kardashian will receive $2 million more than if the marriage ended earlier. Their prenuptial agreement lays out these terms. Kardasian is also expected to receive the couple's $4 million mansion in Tarzana.
The Kardashian divorce undoubtedly involves high assets between the pro-athlete and reality television star. The amount of money, the cars, the homes and other property all add together to complicate divorces of this kind. In this case, there was a prenuptial agreement. But when a prenuptial agreement does not exist, property is subject to division by the courts.
Massachusetts is a state that follows equitable distribution. Through this method, the court looks at the couple's property and divides it in a fair and just manner. This division does not have to be a perfect 50/50 split. Community property states on the other hand, divide property by a perfectly equal split.
Separate property is exempt from being divided by the courts. Separate property is a piece of property owned only by the individual. An example of separate property could be an inheritance or a family heirloom passed down for generations or an asset owned prior to marriage.
When it comes to property division in a high asset divorce, there are many complexities and details to examine. Individuals in these situations can best protect their rights by seeking the help of an experienced legal professional in the state of Massachusetts.
Source: Examiner.com, "Khloe Kardashian $2 million dollars richer for strategically timing her divorce," Ruth Houston, Oct. 5, 2013