Actor Dennis Quaid faces property division issues in divorce

Hollywood veteran Dennis Quaid, star of "Great Balls of Fire" and "The Rookie," has recently announced that he and his wife are seeking a divorce. The couple announced they are separating after almost eight years of marriage. Quaid and his wife are likely to deal with serious property division questions as they proceed with their divorce. Like many Minnesota couples, this celebrity couple faces the complex issues commonly associated with high-asset divorces.

Quaid's wife, a businesswoman and real estate agent, has requested that any assets acquired prior to their 2004 wedding to not be included in their community property. This way, all of those specific assets will not be subject to the property division portion of their divorce settlement. Additionally, she will be seeking spousal support from the actor.

One interesting aspect of the preliminary divorce proceedings is that Quaid and his wife will be sharing one of their vehicles. A court order stipulates that the couple will have to cooperate in order to share possession of their SUV.

Though celebrity couples live a lifestyle that is different from many Minnesotans, they encounter many of the same issues when they are going through divorce. Though it may seem odd that the couple had to specifically arrange for shared possession of their SUV, these are the types of agreements divorcing couples must make in order to proceed as peaceably as possible with property division and other aspects of their divorce.

Knowing that Quaid and his wife both have business and financial interests, the property division phase of their divorce will be particularly important. Already, Quaid's spouse has made a specific request as to how they will be splitting their assets and other marital property. Often, divorcing spouses will have an idea how their assets can be divided fairly. Property division negotiations do not have to be quarrelsome. With the right preparation and advice, couples can forge an agreement that mutually satisfactory.

Source: The Daily Mail, "Joint custody of the children... and the Range Rover: Dennis Quaid has to share his SUV during divorce battle with third wife," Laura Schreffler and Mike Larkin, Mar. 10, 2012