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Even rock n' roll legends fall on hard times once in awhile

Divorce is never easy but wealth can make things more complicated. One way to avoid a complicated divorce is to sign a prenuptial. Prenuptial agreements allow couples with complex marital property, such as family-owned businesses, the ability to streamline their divorce proceedings. Unfortunately, many couples do not sign prenuptial agreements. Some Minnesota couples might find the following article on high-asset divorce motivational.

After 23 years of marriage Ronnie Wood of the Rolling Stones separated from his wife in 2008. According to reports, the couple's divorce was not finalized until 2011, nearly three years after the couple split. The details of the split are unknown, but the large estate and numerous assets acquired by the couple over their long marriage likely added to the long divorce proceedings, something brought to light during a rock n' roll memorabilia auction.

The auction was to feature a collection of rock n' roll memorabilia spanning 40 years. Some of the timeless pieces included in the auction were the famous rocker's guitars, a signed lithograph of the legend Eric Clapton and other tour memorabilia. Just after the auction was announced, however, the couple began feuding over ownership of the items. Although the dispute was settled, it provides some insight into the couple's long divorce proceedings.

For many high asset couples one of the biggest obstacles to a quick and orderly divorce involves dividing assets. Clarity in asset division is vital because any lack of clarity will simply create future problems, something no one wants. Just look at what happened with Ronnie and Jo Wood. Dividing property may be complicated but it is necessary.

Source: Reuters, "Rolling Stones memorabilia auctioned after divorce," Andrea Burzynski, Oct. 28, 2012

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