In some situations, a high-asset divorce with complex asset division can be downright difficult. Fortunately, it is possible for high-asset couples to reach an amicable divorce settlement agreement, no matter how much money or property is at stake in the divorce asset split. Minnesota readers may be interested in the recent divorce between billionaire media mogul Rupert Murdoch and ex-wife Wendi Deng Murdoch.
It was recently reported that Murdoch and third wife Wendi Deng reached an amicable end to their 14-year-long marriage. The couple had a lot to negotiate considering they have two children together and multiple properties spanning the globe. Deng will continue to live in the couple's Manhattan residence with the children. Murdoch, on the other hand will retain the couple's California properties. The divorce is not expected to negatively affect Murdoch's media empire. In addition to the two children he has with Deng, Murdoch has four other grown children from previous marriages.
For many high-asset couples, addressing ownership interests in family-owned businesses and closely held companies can be overwhelming, while doing it wrong can be downright devastating. While, in the best-case scenario, the couple has addressed matters concerning a family-owned business and business assets before it becomes an issue, too often couples wait until they are facing a divorce before even thinking about the matter.
There are a number of ways for couples to address complications that may arise in a high-asset divorce in advance. The primary tool couples use to address such issues is a prenuptial agreement. A prenuptial agreement allows couples to decide what will happen should a divorce occur. This can include addressing matters such as alimony, child custody and business interests, all of which will help expedite the divorce.
Source: Los Angeles Times, "Rupert Murdoch finalizing divorce; Wendi Murdoch keeps NY apartment," Meg James, Nov. 19, 2013
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