In Stillwater, when a couple chooses to end their marriage and file for divorce, there are numerous factors as to how the estate will be divided. This is made even more complicated when there are substantial financial holdings that are likely to be in dispute. This is especially frequent with people who are public figures or who have a job that has accumulated large business assets.
Musician Neil Young has filed for divorce from his wife. While at a quick glance this might be viewed as a conventional rock star divorce, the reality is that Young and his wife were married for 36 years and she was a collaborator to his work. His wife was a background singer and the inspiration for many of Young's songs. She also released her own albums and toured in her own right. The couple shares a son who suffers from cerebral palsy.
Any divorce with substantial assets has a chance to grow contentious. Depending on the circumstances, there will be numerous factors as to which side will receive various pieces of the estate. In certain cases, couples will stay together even if they're unhappy just so they don't lose their business assets or have to alter their lifestyles. Factors that come into play are prenuptial agreements, how the assets were accrued and how they are valued. In some cases, spouses might try to hide assets to keep them out of the proceeding. Whether the divorce is amicable or rife with disagreements, it's imperative to have a comprehensive plan to split the assets in an equitable fashion that both sides can live with.
No matter what the circumstances, when it comes to divorce, it is a key to have proper understanding of the legal process. This holds true for any couple getting a divorce whether there is a complex asset division at stake or not.
Source: CNN.com, "Neil Young files for divorce from wife of 36 years," Aug. 27, 2014
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