When Alabama spouses get married, they typically get a number of different gifts from friends and family. Over the years, the couple accumulates more assets, particularly if the couple has high net worth.
When the couple gets a divorce, all of these assets that have been accumulated over years of marriage must be divided between the spouses. This is not always an easy task, particularly in a high asset divorce.
Recently, for example, WWE wrestler Randy Orton and his wife came to terms on a divorce settlement agreement. The couple had been married since 2007, and had one daughter together.
Under the agreement, Orton will be given a number of the couple’s six-figure bank accounts, as well as a gun collection, jewelry and one of the couple’s homes. The wrestler also has the rights to his interest in his WWE contract. On the other hand, Orton’s ex-wife will receive legal custody of the couple’s daughter, as well as a house, jewelry and a large bank account.
While it was unclear what the exact breakdown in the asset division was, the case illustrates the division of marital property that takes place in a divorce. Orton, for instance, may have had a stronger desire to keep the gun collection, and he may have negotiated to keep that in place of money or other assets that went to his wife. Meanwhile, Orton’s wife likely had a more personal interest in keeping her jewelry, and therefore the terms of the divorce agreement allowed her to keep those assets.
Ultimately, there may be some give and take when diving marital property in a divorce settlement. By working with a qualified attorney, individuals can express their preference for what assets they would like to keep, and come to an agreement over asset division that makes sense for both parties.
Source: Huffington Post, “Randy Orton: WWE Wrestler reaches divorce settlement,” Jul. 11, 2013