Before Arizona residents can dissolve a marriage, they must first go through the process of property division. This process sorts out personal property from marital property, and then divides the marital property according to state law. To make sure this process is carried out fairly, the parties are required to list all their assets. Because divorces are handled by state courts, this information typically becomes part of the public record. For high-profile individuals, the process can feel something like an invasion of their privacy.
Arizona hip-hop fans of a certain age will remember Master P, the rap star and impresario who rose to fame in the 1990s. Also known as Percy Miller, the rap star is now going through a divorce dispute with his wife of 24 years, and the process has revealed the extent of the couple's massive wealth. According to court documents, the wife estimates their fortune at $178 million. The couple reportedly own 31 pieces of real estate, 13 cars and other valuable items. Miller's record label, No Limit Records, and other associated business are estimated to be worth more than $136 million.
Under the laws of their home state, Miller's wife is reportedly seeking 37 percent of the total marital assets.
Arizona is a community property state, which means that all property obtained during the marriage is considered to be marital property and each party has a claim to a 50 percent share of every asset within the marital property. Dividing the community property is not as easy as a 50-50 split, however. Unique items, such as antiques or artwork, can't be split in half. A value must be set for these items and then the dollar amount becomes a subject of negotiation. It can also be difficult to set a value to complex assets, such as pensions, stock options and ownership stakes in businesses.
An Arizona attorney with experience handling complex property division can help clients to stand up for their rights and make sure they get the settlement they deserve.
Source: Yahoo Music, "Inside Master P's Domain: Wife's Divorce Docs Raise Curtain on Lavish Lifestyle," Billy Johnson, Jr., April 24, 2014