ATA NBTA | The National Board of Trial Advocacy Association of Trial Lawyers of America Virginia Trial Lawyers Association National Asociation of Distinguished Counsel | Nation's Top One Percent | NADC AMERICAN INSTITUTE OF FAMILY ATTORNEYS

Property division in Richard Gere's divorce getting ugly

Many of our readers likely know Richard Gere from the movies An Officer and a Gentleman or Pretty Woman. Some may also know that he is currently going through divorce proceedings. He's worth an estimated $250 million dollars, but that number may be going down soon as he is currently involved in a bitter property settlement with his soon-to-be ex-spouse, Carey Lowell, an actress from the "Law and Order" television show. She is seeking $100 million dollars as part of their divorce settlement. The couple is also currently involved in a child custody battle.

Property division discussions in a divorce can get tricky, and they can become more complicated and more costly in a high asset divorce. It's important to be prepared both before and during a marriage to avoid headaches and unnecessary costs down the road in the event of a divorce.

Many couples enter into a prenuptial agreement prior to marriage, especially those who have significant wealth, property holdings, businesses or investments. It is important to always keep records of assets and to make certain personal assets are separate from marital property.

As with all aspects of a relationship, it is important to maintain a strong level of trust and understanding with your partner to avoid misunderstandings or problems in a marriage if things go awry. Being on the "same page" with regards to each others' personal property and marital property during a marriage will make things easier if the marriage fails and the property needs to be divided.

Source: Jennifer Ashley Wright, " Richard Gere's Zen Exterior Cracking Under Weight of Divorce from Carey Lowell", Accessed May 26, 2015