Dividing property in a Colorado divorce can be a complicated process, and when the divorcing couple is part of the super-rich, each spouse may need an experienced professional team of advisers. Dividing property of couples with high net worth assets can be a stressful task, but it need not be. Some celebrity divorce battles over property division, spousal support, child custody and more go on for months or even years while others manage to simplify the process.
It was recently reported that Smallville star Tom Welling’s marriage has ended. While not many of the details related to his divorce from Jamie Welling — his wife of 10 years — were reported, the unusual spousal support arrangement deserved to be mentioned. It was reported that Tom Welling’s consistent working has left him with substantial assets. These include, among others, several exotic cars, a horse farm and two homes in other states.
It was reported that the legal documents state that Jamie Welling will receive spousal support for the next five years. However, there will be no set payment amount as it was agreed that she will receive 20 percent of Tom’s net professional income. There is a limit, though, as he will not have to share any earnings exceeding $5 million per year. Furthermore, Jamie will get to keep most of the horses.
In high-asset divorces, Colorado couples typically have to identify the assets they have accumulated before having them valued and then negotiate how to divide their wealth. To ensure each spouse receives a fair and equitable portion of the assets requires careful assessment, and relying on the other party to divulge the value may be unwise. Fortunately, an attorney who is experienced in navigating high net worth divorces can provide the necessary guidance and support. Along with a financial adviser, an experienced divorce attorney may be able to prove that a divorce need not be synonymous with distress.
Source: tmz.com, “Tom Welling Super Rich Divorce Settlement“, Nov. 22, 2015