Dayton couples with significant, high-value assets have an extra challenge to resolve in the event they find themselves at the end of their marriage. However, it is absolutely possible to avoid a costly, drawn-out fight if both spouses keep the focus on what is at stake.
Take the recent example of Hollywood star Dennis Quaid, whose divorce from now ex-wife Kimberly Buffington-Quaid was recently finalized. They issued a statement on their amicable decision to divorce, their mutual respect for each other and their devotion to their children. The two were married in 2004 and their children – twins – are 10 years old.
According to the terms of their divorce, the two will share joint physical custody of the children, although they will spend 75 percent of their time with their mother and Quaid will pay over $13,000 in child support per month. He will also pay a lump sum of $2 million in spousal support while keeping several valuable automobiles and a home in Texas. The two will divide up the proceeds from the sale of another home.
It is understandable how the division of multi-million-dollar assets can provoke bitterness in a divorce, which is likely to be an already highly emotional time. But as we can see in this example, there can be multiple factors influencing compromise and resolution. One is children, for whose sake many parents will try to keep a cool head and spare them from being part of a bitter fight. Another is the cost of a property division fight, which will increase the longer and the more complicated the process endures.
That’s not to say that spouses should give up on their rights or settle for less than that to which they are entitled, of course. Consulting with a legal professional experienced in high-asset divorce can be an important step in avoiding any kind of worst-case scenario.
Source: People, “Dennis Quaid’s Ex-Wife Gets $2 Million Spousal Support Lump Sum in Divorce Settlement,” Mike Miller, April 27, 2018