The process of ending a marriage does not happen overnight. In fact, many divorces can take several months or longer to be finalized. There are a number of reasons that a divorce can be drawn out, and many of them have to do with a couple’s individual situation. For some couples in Minnesota, the issue that holds up a divorce is the division of assets.
Separating marital assets can be one of the most contentious steps in a divorce. Emotions can greatly affect a person’s ability to compromise or be forthcoming with disclosing their assets. And the situation can get even more contentious when assets and estates are significant and more complex. For example, what would you do if you had a multi-million home? Would you sell it, rent it out or continue to live in it? This can be a very difficult decision for a couple to make and often, both spouses have a different opinion on what to do.
The option that former NBA star Lamar Odom and reality star Khloe Kardashian decided to go with was to sell their marital house. The couple married in 2009 and purchased a home for $3,950,000. Because the property was purchased after they were married, the home is considered marital property and will likely be split up now that the couple is divorcing. They have put the home up for sale, listing it at $5.5 million. In Minnesota, spouses who sell a marital home will generally share whatever loss or profit results from a sale.
But the home is just one of the many significant assets that this couple likely has to consider in their split. Each of them is worth several millions of dollars which means that the two may also have to discuss splitting up investments, future profits from shared business interests, bank accounts and perhaps even furniture, art collections and other material goods that have accrued during their marriage.
In any high-asset divorce, it can be very complicated to divide complex estates. That is why it can be crucial to ensure that all assets are disclosed and valuations are conducted properly. No one wants to feel as though they have been short-changed in a divorce settlement so it can be important for spouses to work with an attorney during this process to pursue a fair and equitable settlement.
Source: Forbes, “Khloe Kardashian And Lamar Odom List California Mansion For $5.5 Million After Divorce Filing,” Jan. 9, 2014