Rupert and Wendi Murdoch: Lessons from an Affluent Divorce
As the much-publicized divorce of Rupert and Wendi Murdoch continues, the media seems to relish uncovering every aspect of the split, particularly because the couple in question includes someone with significant wealth and a global news empire. But what, if anything, can be learned from the details that emerge when such an affluent couple calls it quits? Examining how the parties try to protect such high-profile assets can reveal a lot of practical advice for even those without millions of dollars in the bank.
One of the most notable factors in this divorce is that Rupert and Wendi signed a prenuptial agreement followed by two postnuptial agreements. Postnuptial agreements are typically used to solidify the prenuptial agreement and to make the separation of assets cleaner.
It may not be romantic to sign a stack of legally binding agreements, but whether you have a lot to lose, such as property holdings, real estate, or investments, a pre-marital agreement can be a responsible way of protecting what you do have. Of course, when signing any legal agreement, it is also important to have an experienced lawyer on your side to ensure that you receive the best settlement in case of a divorce.
When one or both spouses enter a marriage with an existing business, such as Rupert Murdoch’s News Corporation, dividing business assets can be particularly complicated. The main factor in determining how to divide the value of the company will be whether or not each spouse contributed to the company. The percentage will also be calculated based on the value of the business when the couple married and the day they filed for divorce. A knowledgeable attorney will be able to settle a contentious battle regarding a family business.
For a couple that has children from the current marriage and previous relationships, establishing child support will not necessarily be based on the standard of living the children experienced during the latest marriage. To ensure that the children are provided for and treated fairly, creating a trust agreement for each child will help you privately allocate your assets as you see fit without having to go to probate court.
Hiring attorneys, appraisers, accountants, and other advisers can quickly diminish what each spouse is fighting to receive in a divorce. It is suggested that even wealthy couples work on a collaborative divorce in order to avoid a drawn-out, expensive battle. Unlike arbitration or mediation, a collaborative divorce will rely on one appraiser to help each party establish goals and work together on various options for dividing assets.
Experienced Protection in Your Divorce
With so much at stake, you need an experienced Montgomery County family law attorney with the legal and financial knowledge to help ensure that you receive the portion of the business assets that you deserve. Sheryl R. Rentz is dedicated to helping with the legal and financial aspects of a Pennsylvania divorce. Call our office today at (610) 645-0100 for a free consultation.