Media mogul Rupert Murdoch and his soon to be ex-wife Wendi entered a divorce settlement in a New York courtroom this past week. The judge applauded the duo for reaching an amicable split and avoiding trial and wished them both good luck.
While few Minnesotans, regrettably, have the wealth of a Rupert Murdoch, there are issues within the tycoon's deal which are analogous to those confronting the average Twin Cities pair considering a divorce.
First, the settlement process was expedited by the existence of a prenuptial and two postnuptial agreements. These contracts between the couple ironed out many of the contentious issues in the split. Though family businesses in Minnesota are not the size of Murdoch's media empire, prenuptial and postnuptial agreements are advised for couples with business interests. Business interruptions can occur if couples are fighting over a stake in the enterprise.
In addition to business issues, Murdoch had children from his previous marriage in addition to his union with Wendi. While this had potential to create a rift in asset allocation, he was emphatic that each child receives an equal share in the trust that controls his expansive empire. Families with similar complex dynamics may also need to contemplate how assets will be divided in a split.
Local St. Paul attorneys have seen it all and can help individuals prepare for such contingencies in a divorce. From explaining child support and alimony obligations to discussing tax implications and retirement assets, these professionals can help ensure a divorce does not break up your future well-being.
Source: New York Times, "Rupert and Wendi Murdoch Reach Divorce Settlement," Peter Lattman, Nov. 20, 2013