Law Offices of Matthew S. Schultz, P.C.

High-profile couple reaches divorce settlement

Whenever a high-asset couple in Arizona heads for divorce court, asset division is complex and ripe for dispute. Why? Much of the couple's wealth is tied-up in complex investments. This can be anything from bank accounts and brokerage accounts, to high-end cars and real estate. All of this marital property must be appraised and sometimes, sold off in the property division process. One high-profile couple provides an example of how the property division in a high-asset divorce could be handled.

Towanda Braxton -- of "Braxton Family Values" fame -- and her husband, Andre Carter, agreed to a divorce settlement after 12-years of marriage. The details of the settlement appear in court documents and interesting reading.

Each spouse will keep the individual savings, checking and retirement accounts that they have in their names. Braxton will transfer title in Carter's car to his name; she will keep the other cars in her possession. Neither will pay child support or alimony to the other.

Each spouse has also agreed to share physical and legal custody of their two children. Braxton also gained the right to restore her maiden name, if she chooses to do so.

A part of complex asset division is agreeing how accounts and property should be divvied up. In many cases, couples have commingled assets and shared property. Sometimes, it can be easy to come to a property division. There may be disagreements about how much each spouse should get and what each spouse should get.

Source: US Weekly, "Towanda Braxton Reaches Divorce Settlement With Ex Andre Carter," Nicholas Hautman, April 29, 2017

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