Celebrities and business people who make a lot of money often sign premarital contracts. These typically ensure that the earnings of each is protected in the event of a divorce. When there is no premarital contract, that protection doesn’t exist, and property division proceeds according to the laws of the state in which the divorce occurs. Many factors affect who gets what, with assets in play including homes, investments, cash, and possibly even future income. The process can involve the transfer of enormous sums, as it reportedly will in the case of former California Governor and former action movie star, Arnold Schwarzenegger.
Schwarzenegger’s divorce is from his wife of many years, Maria Shriver. Known for her journalism career as well as for being a part of the Kennedy clan, Shriver filed for divorce in 2011. The terms of the settlement have yet to be finalized because of the amount of money involved. In total, the couple’s net worth is said to be $400 million. The majority of that comes from Schwarzenegger’s long and successful movie career, although he put that on hold for several years when he served as California’s governor.
Since he failed to get a premarital contract, presuming that the marriage would last despite a 50 percent nationwide divorce rate, he will likely walk away with at most half of that reputed fortune. That means that Shriver will get $200 million.
This property division case involves big numbers, and the settlement will undoubtedly be very specific. Each party in the case has attorneys representing their interests. Divorcing husbands and wives in Illinois are also advised to get experienced attorneys when facing property division matters.
Source: Inquisitr, “Arnold Schwarzenegger Could Fork Over $200 Million In Divorce Case” No author given, Jan. 12, 2014
