Californians are no strangers to high-asset divorce cases, particularly those living in Orange County. Considering that many celebrities call the Golden State home, it is not unusual for residents to hear about the latest celebrity divorce filing and affluent couples separating. One recent particular high-asset divorce concerning an oil tycoon tops them all.
The divorce made headlines after the couple decided to stop feuding and settle. According to the report, the man agreed to pay his ex-wife, $1 billion as part of their divorce settlement. A subsequent court ruling ordered the 68-year-old billionaire to pay his ex-spouse about $323 million by the year end followed by $7 million per month until the rest of the settlement is paid. The wife also obtained the $4.7 million marital home and a ranch in California valued at $15 million. On the other hand, the man, will keep his 68 percent stake in the company he founded in 1967, the year he met his ex-wife. While $1 billion seems like a lot for a divorce settlement, this amount favors of the oil tycoon because he maintains control of the business.
However, recent reports stated that the man's ex-wife is planning to appeal the divorce settlement. Reportedly, she believes that the decision was unreasonably in favor of her ex-husband. During the couple's 26-year of marriage, the man's stock worth increased to $18 billion. Experts said that the $1 billion settlement awarded represents only about six percent of the marital wealth.
When significant amounts of assets, properties and wealth are at stake in a divorce, it is expected that the process would result in delays and disputes. High-asset divorces wars may remind Californians why it is reasonable to protect one's asset prior to marriage with a prenuptial agreement.
Source: CBSnews.com, "Divorce, 1 percent style: a $1 billion settlement appeal," Aimee Picchi, Nov. 14, 2014