Arnold Schwarzenegger and Maria Shriver have been contentedly divorced for the past ten years.
They have a terrific relationship, are extremely close and take good care of the kids, and see each other a lot, according to a mutual acquaintance who spoke to Page Six.
Thus, when a judge granted their divorce on Tuesday morning, just days after Christmas, many were shocked to learn that they had finally called it quits on their marriage.
Shriver, a frequent “Today” program contributor, appeared to be upset as she announced a social media hiatus on the same day the divorce was revealed, writing on Twitter: “See you in 2022. In the coming days, I hope you will also give yourself some time. Stay vigilant, healthy, and safe! #bepresent.”
The mutual acquaintance continued, “I simply don’t think they wanted to push the button, which is why I think it took them so long to get a divorce. They weren’t prepared to separate from one another. However, there are a few justifications for doing this at this time of year, when it’s quieter because everyone is busy celebrating the holidays.
What Was the Main Reason Behind Their Divorce?
More than ten years have passed since Maria Shriver filed a petition to dissolve her marriage to action star and former California governor Arnold Schwarzenegger, which had been going on for 25 years.
According to court records, a judge in Los Angeles granted the divorce on Tuesday.
Shriver filed for divorce from Schwarzenegger in 2011, after the actor revealed he had fathered a kid with a member of their home staff in the late 1990s. The couple had been married since 1986.
Although the news sparked a tabloid frenzy, Schwarzenegger and Shriver conducted their divorce discreetly and without making any public or in-court allegations.
Why the procedure took so long is unclear. Between the initial rush of files in 2011 and the restart of court proceedings in June, there were hardly any noticeable developments in the case.
Difficult Property Division
A $400 million wealth is apparently shared by Shriver and Schwarzenegger. Divorces involving significant assets take a long time since each item needs to be classified as separate or marital property.
In equitable distribution jurisdictions like New York, the only property that is typically shared between spouses is the marital estate.
Any valuables, including an expensive painting, a high-end car, a vacation home, stocks, and other items, must be assessed. Experts must carefully analyze the valuation.
Additionally, wealthy people have additional options for hiding money. To find assets that are not being disclosed, forensic accountants are frequently called upon. This probe occasionally covers international trusts and bank accounts.
Lack of a Prenuptial Agreement
Financial snags can be considerably diminished with a prenuptial agreement. The assets of both spouses are protected by a well-written prenup. What constitutes distinct property coming into the marriage is determined by the agreement.
In the event of a divorce, the agreement may cover property split and spousal support. Anything can be covered by an agreement as long as it complies with the law. A prenuptial agreement has several restrictions. A prenup cannot specify who will receive child custody or how much child support would be paid.
High-net-worth couples can endure a less expensive and unpleasant divorce with a prenup providing a path for an agreement. Without a prenuptial agreement, any issue could arise during a divorce.
Not Being Motivated
According to media accounts, Schwarzenegger and Shriver arrived at a welcoming location. Even better, the family would go to events together. They had romantic connections. As they worked through the property concerns, there was no pressing reason to file for divorce right away.
According to some, Schwarzenegger might desire to wed his partner of eight years. Others think the pair sought to divorce legally before the Biden administration could possibly impose any tax adjustments.
Two of the main reasons for ending a marriage officially are the desire to get remarried and the desire to avoid any financial repercussions.
Conflicts Over Child Support
Conflicts over child support, which are not said to have existed between Schwarzenegger and Shriver, can significantly prolong the divorce process. A formula is provided by New York law that courts can utilize to calculate child support.
Child support is calculated as a percentage of the total parental income up to $154,000 (depending on the number of children) and is then divided between the parents in accordance with their respective incomes. The noncustodial parent reimburses the custodial parent for their share.
The income cap utilized in the formula is far exceeded in high-net-worth divorces. When determining how much child support should be given each month in high-asset cases, factors such the kid’s age, lifestyle (expensive school, lavish vacations, private tutors, etc.), and the financial resources of both parents are taken into account.
Legal Counsel With Experience in High-Value Cases
Divorces involving significant assets and precious property require legal assistance that is strategic, thorough, and savvy. Our lawyers at Samuelson Hause PLLC have a wealth of expertise advising high-net-worth people going through a divorce in the Long Island region.
There are components in high-asset divorces that are uncommon in most other cases. We are adept in navigating financial complications such as corporate assets, international investments, inheritance, tax ramifications, and others.
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