Terminator, politician and husband – this former California governor has taken on many titles. Rightly so however, the last thing Arnold Schwartzenegger wanted to be known for is his alleged adulterous acts. Yet, a solid 15 months of media reporting on the separation and impending divorce of Schwartzenegger and his wife Maria Shriver seem to indicate that the private family strife of Mr. Schwartzeneffer will endure over his accomplishments. Fortunately, recent developments indicate that this bleak outlook may turn right around.
Some 15 months ago, Arnold admitted to fathering a child with a house staff member. Subsequently, Ms. Shriver absconded from her marriage leading into a high asset divorce. However, recently, she was spotted wearing her wedding ring. Additionally, the former California governor stated they are working on their marriage. Ms. Shriver filed for divorce in July 2011, but nothing has been finalized. If the two reunite, they may be saving some serious emotional strife, in addition to a complicated process of property division.
Any divorce is a difficult process. But, a high asset divorce often involves complex asset division of offshore accounts, business assets, and retirement plans. There is no doubt that the couple possesses a large amount of property which would involve a lengthy asset division process.
The state of California is a community property state. This means that any property acquired during divorce is co-owned by both spouses. However, property already owned before marriage, or certain items gifted during the marriage, are outside of the community property concept.
Nothing has been confirmed about the separated couple. If the two do not reunite, their likely well informed legal counsel will help ensure the process goes as smoothly as possible.
Source: The Huffington Post, “Arnold Schwarzenegger, Maria Shriver getting back together?,” October 8, 2012.