In Georgia and elsewhere, couples are facing the financial and emotional challenges of divorce. For most couples, many questions arise regarding property division and the possibility of spousal support. A movie actor and his wife must begin the difficult task of sifting through these family law topics after recently filing for divorce.
Oscar winner Russell Crowe and his wife of nine years recently announced they are seeking a divorce. The couple's property assets are estimated to be worth $50 million. This includes millions of dollars for each of their two sons. Together, the couple owns a penthouse and farmland worth more than $10 million; they also have an investment in an Australian football club and a beef production company. Russell Crowe has reportedly earned over $100 million for his acting roles. There have been reports that the couple signed a prenuptial agreement, which includes a stipulation that if the couple did not divorce within three years of being married, Russell Crowe's wife would receive at least $15 million.
One of the main concerns for many divorcing couples is property division. In Georgia, property is divided on an equitable standard. It is in the best interest of the couple to come to an agreement on how to divide their property; if they are unable to agree, a court must decide what is most fair to the parties. Only marital assets, which are assets that were accumulated during a marriage, may be divided. Gifts and inheritances are excluded. Marital assets generally include income earned and property obtained during the marriage.
While divorce may be contentious and frustrating for couples, it is the opportunity to create a new life for each spouse. It is important that each spouse understands their rights to marital assets as they create two different households from one.