When entering into a divorce, couples with substantial assets are faced with a number of challenges, such as avoiding asset division disputes and equitably splitting their property so they can move on with their lives. Whether the couple resides in Georgia or anywhere else in the country, the pressures associated with determining how to handle a high-asset divorce can lead to unpleasantness, as well as unwanted publicity, if not handled properly.
The $5 million divorce settlement between NBA player Dwayne Wade of the Miami Heat and his first wife is a case in point. Wade, who recently announced that he is engaged again after finalizing the divorce, encountered significant publicity earlier this year in regards to his complex divorce.
The publicity involved his first wife sitting on a Chicago street, claiming that she had become homeless. The divorce proceedings ended with a $5 million settlement between the two soon thereafter.
Apart from the potential for publicity, high-asset divorces often involve complicated issues related to seeking a fair split of what may involve a wide variety of assets, some of which are not easily valued or divided. Such assets may include ownership of private company shares or partnership interests, as well as real estate holdings whose valuation may suffer if liquidated in an untimely manner. In addition, custody and spousal support issues can be complicated by a wide disparity of views between the parties involved as to what constitutes an equitable arrangement.
As a result of the complexity that can accompany high-asset divorces, those involved in such a divorce are well advised to plan thoroughly. However, as Wade’s current situation clearly shows, sticking it out through a difficult divorce can lead to a happy ending.
Source: Metro, “ Dwayne Wade gets engaged to actress Gabrielle Union ,” Mark Osborne, Dec. 22, 2013