On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Wednesday, August 19, 2015.
Sometimes, when a Dallas couple reaches the end of a marriage, it’s clear who will be taking which assets as they go their separate ways. Maybe the marriage was short, or maybe there is little to divide up in the divorce process. On the other hand, some couples find that they have acquired significant property together — perhaps over the course of a longer marriage. A high-asset divorce requires special consideration during property division.
One high-asset divorce making headlines this month is that of pop music stars Gwen Stefani and Gavin Rossdale. The two met in the mid-nineties when the bands that they fronted — No Doubt and Bush, respectively — headlined a tour together. They wed in 2002 and have three children together, all boys, ranging in ages from 17 months to 9 years old. They couple are reportedly seeking joint custody of their boys.
One thing Stefani and Rossdale do not have together is a prenuptial agreement. This is a significant factor when Stefani’s net worth is estimated at $100 million from her music, television and clothing business endeavors. Rossdale is thought to be worth approximately $35 million. Despite this significant gap, Stefani is said to be denying the possibility of spousal support payments to Rossdale.
Without a prenuptial agreement, this west coast couple will be subject to the community property laws of their state. Texas also follows community property law in classifying and dividing a couple’s assets in a divorce. We’ll talk about what this means in more detail a follow-up post.