When people think about the end of a marriage, they often think about the new life that each person has ahead of them. However, before people can start their new life, they have many important divorce issues to resolve. While many of these issues will revolve around the couple's children, property division issues are often very important -- especially in a high asset divorce.
For example, property division could be a key issue in Patrick Dempsey's divorce. Dempsey is the star of the television show Grey's Anatomy. He and his wife recently announced that they were divorcing after 15 years of marriage. The couple has three children together -- a 12-year-old daughter and 7-year-old twin boys.
In the divorce petition, filed by Dempsey's wife, claimed that the reason for the divorce was irreconcilable differences. In the petition, she also asked for joint custody over the children. She has also asked the court for child support and spousal maintenance.
In high asset divorces, like this one, property division issues are also likely to be important. While the initial petition did not address how property would be split in this divorce, it will have to be addressed at some point. Couples who are divorcing need to split their personal property. This doesn't just include household goods, but also financial accounts, retirement accounts, business assets, artwork, real estate and any debt.
Making these decisions can often be difficult. In some cases, asset valuation and division can lead to conflicts. With the right help, however, Arizona residents will be able to split their property fairly. If they are unable to reach a decision on their own, a family law court will be forced to make the decisions for them.
Source: ABC 15, "Patrick Dempsey's wife files for divorce," Jan. 25. 2015