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Blurred lines: The complications of asset division after divorce

Dividing up assets after a couple has filed for divorce is not always as easy as "This is mine, this is yours and we'll split the rest." This can be especially true for couples who have significant or complex assets including real estate, investments, inheritances, businesses and even debts. And when a couple has been married for several years, it can be even more confusing to understand your rights.

The confusion, fear and anxiety that spouses may feel when it comes to hashing out the financial details of ending a marriage can be significant enough to have a profound effect on the divorce itself. Even couples who are dedicated to an amicable divorce can find themselves butting heads when it comes down to property division, especially in high-asset divorces.

For example, Minnesotans may have read that musician Robin Thicke and his wife Paula Patton recently announced that they are considering a divorce and pursuing a separation after being married for about eight years. So far, reports suggest that the couple is focused on keeping the split as amicable as possible. 

However, the pair could be facing some serious hurdles, should they ultimately file for divorce. Both Patton and Thicke have enjoyed successful careers in entertainment. However, Thicke, singer of the popular song "Blurred Lines," has an estimated net worth of about $15 million. His wife's net worth is estimated to be much lower. But together, the couple shares a lavish mansion, luxury vehicles and other assets. However, there have also been tax and debt issues in addition to copyright lawsuits filed against Thicke. 

All of these could present a problem when and if they couple must divide their assets. While they may be doing whatever they can to stay friendly and cooperative now, these are the kinds of challenges that can throw an amicable divorce off track. In order to work through these complicated issues, however, couples in Minnesota who may be struggling with the same challenges may want to work with an attorney who has experience in high-asset divorce. With legal support, spouses can make it through these difficult times and come to a fair and agreeable settlement.

Source: Extra, "Robin Thicke and Paula Patton Divorce: How Much Is at Stake?" Feb. 25, 2014

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