Tag Archive for: complex property division

Rocker Peter Frampton sees his third marriage end

When a divorcing couple has been married for long time, when they have children together and have substantial assets together, the divorce has the potential to be very complex. In ending the marriage, the issues of marital property division, child custody, child support, and possibly alimony need to be addressed. Often, complex divorces are litigated in court. However, many divorce issues are resolved by the spouses and their attorneys who negotiate a settlement.

The marriage between Peter Frampton and Tina Elfers is an example of a marriage that meets all of the above criteria. Recently, Peter Frampton filed for his third divorce. In 1973, he and Mary Lovett went separate ways. In 1993, Frampton and Barbara Gold split. Now, in 2011, the 61-year-old guitarist and singer is splitting with Tina Elfers.

In 1996, Elfers and Frampton married in Cincinnati. Four years later, they moved from Nashville to Cincinnati so Elfers could see more of her family.

The couple split up on New Year’s Eve, but divorce papers were not filed until recently. Irreconcilable differences were cited as the reason for the divorce.

Frampton and Elfers were married for almost 15 years and have a 15-year-old daughter. Frampton is attempting to get joint custody and visitation rights. Their daughter just finished her sophomore year in high school and has appeared in two recent Hollywood films. She has hopes of having a career as an actress.

Although going through a divorce can be a stressful event, Frampton appears to not be missing a beat. Frampton is currently on a worldwide tour celebrating the 35th anniversary of one his most popular albums. The world tour will wrap up sometime in November.

Source: USA Today, “Peter Frampton files for divorce,” John Kiesewetter, 6/24/2011

Couple who divided house with makeshift wall officially divorced

Marital property division can be one of the most complex issues in a divorce. Property division can be especially complex when the spouses have been married a long time and have accumulated substantial assets together. A recent high assets divorce provides a rather stark example of how difficult dividing property can be.

The divorce began about six years ago. In 2005, the wife forced her husband out of their marital home. In August 2005, a family court judge ordered that the husband could move back into the house if he divided it into two units. This required constructing a physical wall in the house.

The wife appealed the 2005 court order requiring the wall. About one year later, an appeals court allowed the wall to be constructed. The wall divided their three-story dwelling by separating the first-story living room from the staircase leading upstairs. The wall went up in December 2006, and the couple has been living together, yet apart, since that time.

The divorce was then delayed due to a change in the law and a bankruptcy filing. Now, after five years, a judge gave his final ruling in the divorce case. The judge ordered that the couple sell the now divided house and two other properties and split the profits between the two spouses. In addition, the husband, the former owner of a factory, was ordered to pay the wife a lump sum of about $1.5 million plus $6,000 per month. However, he can keep several other buildings he owns.

The wife has indicated that she will appeal the judge’s ruling, which could delay the sale of the home indefinitely.

Source: NPR, “NYC Couple Who Split House With Wall Get Divorce,” 4/28/2011

Jamie McCourt would like to force sale of Dodgers

Jamie McCourt is requesting an immediate sale of the Dodgers to avoid a takeover by Major League Baseball. During a divorce with the team’s owner, Frank McCourt, the Jamie was fired, and she now claims that the team is severely mismanaged. Jamie petitioned Superior Court Judge Scott Gordon to order an immediate sale in hopes of obtaining the maximum amount of value for the franchise.

The team is the couple’s largest asset and the subject of an ongoing marital property division dispute, despite the fact that their divorce is already official. Jamie McCourt believes that the sale would be a positive change for the team and its fans, as it would bring in a new owner with differing business strategies than those of her ex-husband.

Judge Gordon has scheduled a hearing on the issue for June 22, during which he will consider arguments for and against the forced sale of the team. The hearing will also cover Jamie’s request to obtain her ex-husband’s financial records. This follows a ruling in December, when the judge set aside a controversial post-nuptial agreement. That decision has caused considerable tension for the franchise itself, as Frank had previously argued that 2004 post-nuptial agreement granted him exclusive ownership over the team.

The commissioner of Major League Baseball has launched an investigation into the failing finances of the Dodgers, suggesting that MLB might have to take over the team if the current management is unable to resolve the situation.

As the divorce between Frank and Jamie McCourt demonstrates, complex property division can be one of the most difficult issues to resolve in a divorce that involves substantial assets. While just about any divorce has the potential to become a hotly contested divorce, achieving a settlement can be quite a challenge when there are significant assets at stake. If you have questions about marital property division in Wisconsin, an experienced divorce attorney can help.

Source: Thomson Reuters News and Insight, “Jamie McCourt seeks immediate sale of the Dodgers,” Mark Lamport-Stokes, 5/19/2011

Mel Gibson and wife reach deal to end two-year divorce case

Over the course of his 28-year marriage, Mel Gibson has accumulated a significant amount of assets. In addition to his wildly successful acting career, Gibson has also pioneered several successful projects as a director. He won a pair of Oscars for his famed 1995 film Braveheart, in which he both starred and directed.

Now, the two-year divorce case between actor Mel Gibson and his wife, Robyn, has finally ended. The former husband and wife reached a deal, which included a marital property settlement dividing the assets the couple shared together.

The divorce proceedings won’t be complete until a family court judge finalizes the agreement, which is expected to happen sometime in August. Details of the settlement between the 55-year-old Gibson, who is estimated to be worth somewhere around $900 million, were not released to the public.

The divorce was initially filed by Gibson’s wife and mother of seven kids back in 2009, following 28 years of marriage. Robyn’s divorce petition cited irreconcilable differences as the reason for the divorce. This all occurred after Gibson’s infamous drunken driving arrest in 2006 in which he exploded into a controversial rant in front of law enforcement.

Gibson continued to be a lightning rod for controversy and legal woes after a 2010 altercation with his then-girlfriend Oksana Grigorieva nearly landed him in hot water. Gibson pleaded no contest to battery charges, received three years on probation and was ordered to receive domestic violence and mental health counseling.

Along with the couples’ seven children, Gibson also has a 20-month-old daughter with Grigorieva who has been the subject of an ongoing child custody and child support dispute.

Source: Australian Broadcasting Corporation News, “Mel Gibson reaches divorce deal,” 6/29/2011

Keeping your small business intact when your marriage dissolves

When Milwaukee couples come to a mutual decision to divorce, they might also expect to be able to reach negotiations regarding child custody and property settlements with little interference from a third party. However, when complex issues and high assets are at the center of discussion, negotiations often become very complicated.

One small business owner discovered how complex the divorce process can be after he failed to take precautionary measures before marriage to protect his firm in the event of a divorce. As a result, it took more than a year before the man and his ex-wife were able to reach a divorce settlement, and the process nearly destroyed his business.

The business owner commented that his divorce was “painful” and “costly” for many reasons. In states such as Wisconsin, a small business may be considered marital property. If this is the case, business owners risk dissolving the business by splitting the interest with a spouse, or one spouse could buy the other out. The business owner commented that so much time was spent on retaining his business in the divorce that he lost focus on his consulting firm.

In fact, he believes that his consulting firm lost more than $200,000 in potential business. Fortunately, the man was able to retain his business in the divorce and he eventually turned the company around. However, many attorneys who deal with high asset divorce cases commented that without taking certain measures to protect one’s business in the event of a failed marriage, individuals could see their businesses go under as well.

In order to prevent one from losing his or her small business because of divorce, individuals have several legal options that they can explore. Before marriage, business owners may want to consider preparing a prenuptial agreement to detail what should be considered marital assets or what each spouse agrees to be entitled to if they ever divorce.

Another option is to prepare a buy/sell agreement which helps owners create a plan regarding what should happen to their business and how ownership should be determined in the event of certain triggering circumstances such as a divorce.

Although Milwaukee couples may understand that their marriages cannot be saved, they can take precautionary measures to ensure that they don’t risk losing their business as well.

Source: Reuters, “Divorce has “immense” impact on small businesses,” Deborah L. Cohen, Sept. 28, 2011