The financial issues are almost always a heated topic in every divorce. Couples often have very different ideas of what is a fair settlement, and it’s not unusual for one or even both parties to attempt to get more than their fair share out of the divorce as a way to punish the other person. Divorces that include high value assets can be even more challenging.
All eyes have been on celebrity couple Jennifer Garner and Ben Affleck after they announced their decision to divorce the day after their 10-year anniversary. In this case, both parties are worth millions individually, and the fact that they have been together so long also means that they have likely built up quite a bit in marital income.
It is known that the couple has a $17.5 million mansion that is likely to be deemed marital property, and reports also indicate that the couple has several expensive vehicles, including a $60,000 Tesla Model S and a $40,000 1966 Chevy Chevelle SS. Both parties also likely have some assets that will be kept as separate property, including another mansion Affleck bought prior to the couple’s marriage.
Many divorcing couples assume that the courts will divide the assets 50/50, but this isn’t always the case. Equitable distribution of the assets doesn’t always mean an exact split. For instance, if one person has a lower earning potential than the other (in this case Garner makes $7 million a movie to Affleck’s reported $17 million), the courts may award the spouse with the lower income potential a slightly higher percentage of the assets. Any time there are high-value assets involved, it’s a good idea to seek out as much information as possible about the Florida asset division process to ensure you get what you are entitled to.
Source: Extra, “Ben and Jen Split: How Much Is at Stake? Why the ’10-Year Rule’ Doesn’t Apply,” July 01, 2015
