Celebrity NASCAR driver Danica Patrick recently announced on Facebook that she was divorcing her husband of seven years. While she said in her announcement that the split was amicable, Patrick — the most successful woman in American racing history — could still potentially face many of the challenges typical of a high asset divorce.
One issue frequently arising in high asset divorces is whether one spouse should be awarded spousal maintenance — generally known as alimony — from the other. Spousal support is designed to provide a non-working or under-employed spouse with assistance until that person becomes self-supporting. It often is a hotly contested issue in divorces, especially if one spouse earns a significant income. In Wisconsin, there are no set black and white rules to determine if, when, or how much spousal maintenance will be awarded. Courts will examine a number of factors when coming to a decision.
Another issue in high asset divorces is property division. In Wisconsin, the marital estate includes property that either spouse acquires during the marriage, with exceptions for gifts and inheritances. In most cases, the court divides the marital estate equally between the parties. In a high asset divorce, it is important to get comprehensive valuations of all marital property to ensure equitable division.
Patrick likely has a team of legal advisers who will help her work through these issues. Many people going through divorce might benefit from an experienced divorce attorney who can assist with these complicated legal issues.
Source: Associated Press, “Danica Patrick divorcing husband after 7 years,” Jenna Fryer, Nov. 20, 2012
