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Mo' money, mo' divorce problems... not necessarily

The Notorious B.I.G. wrote a song detailing that along with "Mo Money" comes "Mo Problems," and that is exactly what some people assume about divorce. Why wouldn't they think that? Most divorce news involves celebrities that are at one another's throats, fighting for the last penny. 

The truth is that some couples do act that way, and that is what makes for great drama and good ratings -- whether on television or in print. Not all high-asset divorces involve long and contentious fighting. While maybe mentioned in passing, there are a lot of celebrity divorces that ended amicably. 

Courteney Cox and David Arquette are one such example. The couple walked the red carpet together for years before they divorced in 2012. During those years, Courteney Cox's career was in full swing as she brought in a large income into the marital estate. Although Arquette may have been awarded child or spousal support, he voluntarily passed on both of them.

Katy Perry and Russell Brand may not have had a long marriage -- only lasting 14 months -- but the couple lived in a state that would have entitled Brand to an estimated $20 million of what Perry technically brought to the table. He also chose to forgo spousal support.

In Illinois, collaborative law provides a way for couples to come to an amicable divorce solution. In situations where a significant amount of wealth is involved, it is still prudent to see the representation of an attorney. Why? A complex estate requires attention to detail even when the couple can make decisions together.

Source: The Huffington Post, "Divorce Settlements: These Celebs Didn't Want Their Exes' Money," July 19, 2013

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
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Barrington, IL 60010

Phone: 847-382-3995
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