This blog recently discussed the role alimony, or spousal support, plays in many California divorces. In addition to some of the concerns that may arise during the divorce process related to spousal support, high asset divorces can lead to increased complexities sometimes not present in divorces that do not require similar division of substantial assets. California couple Donald and Shelley Sterling, who previously owned the Clippers NBA franchise, is divorcing. Donald recently filed for divorce from his estranged wife Shelley. Shelley is now seeking alimony from Donald, however, the amount she is seeking in spousal support is unclear.
The Sterlings have considerable assets together to divide. The couple is noted to be worth $3 billion and recently sold the Clippers for $2 billion in the wake of scandal. Shelley's motive for the alimony request is unclear, however, it is a request that can certainly be made in the circumstances. Shelley was recently awarded $2 million from her husband's mistress following the aid of her divorce attorney in the proceedings. High assets divorces may require a thorough accounting of assets and complex valuations of the assets the couple shares.
Under California law, property is divided during a divorce according to community property rules. Community property rules provide that each spouse receives half of the marital property. Because of the equal division of property, it is important that all of the property the couples shares is properly accounted for and valued. Property division in any divorce proceeding, including high asset divorces, can sometimes cause a certain amount of anxiety for divorcing spouses. Knowledge of the property division process can help a couple navigating the divorce process understand what to expect which can be helpful for a number of reasons.
Source: Larry Brown Sports, "Donald Sterling's wife Shelly seeking alimony," Steve DelVecchio, Sept. 4, 2015