Celebrities and other high-profile couples not only have to deal with media attention during divorce proceedings, they are often also involved in multiple, drawn out hearings in order to divide assets and reach settlements. Marital property, non-marital property, business assets and retirement accounts are among the numerous types of assets that often must be valued and distributed in divorce settlements.
NBA star Dwayne Wade's divorce has been finalized, but he is still involved in proceedings with his ex-wife to determine property division, as well as equitable division of other assets and funds. No specifics were released regarding the marital assets they have yet to distribute, but a hearing is set to take place in their home state in the near future. Property obtained during the marriage, shared bank accounts and other assets could be among the details to be sorted out in the upcoming hearing.
In the initial settlement, Wade paid his wife a lump sum of $1 million and agreed to pay her an additional $35,000 per month, including $10,000 for traveling expenses alone. It is unknown if the monthly payments are for spousal support alone, but it is likely they do not include child support because Wade has custody of their two sons. It was not reported if additional funds or support payments would be addressed in the former couple’s upcoming court hearing.
When divorces are being settled, both involved parties want what they feel is theirs and what they feel they are due. It is the job of family law courts to fairly determine the valuation of assets, properties and funds and to preside over the division of those assets. If you considering divorce, you may want to consider obtaining legal representation to help look out for your interests during the settlement and property division process.
Source: Miami Herald, “Miami Heat’s Dwayne Wade paying $25,000 a month in alimony”, Jose Lambiet, April 25, 2013