Wal-Mart heiress sues husband over business asset discovery

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An heiress to the Wal-Mart fortune has filed for a divorce from her husband. The divorce case and civil lawsuit that followed show just how important it is for Florida residents to have a prenuptial agreement and to know exactly what is going on with their finances during a divorce. This is especially important when business assets are part of the divorce.

The heiress filed for divorce from her husband citing irreconcilable differences. The two have been married since 2004. She will pay the man alimony based on a prenuptial agreement the two signed. Now, the heiress has filed a civil lawsuit that alleges her soon-to-be ex-husband has been stealing money from a company the two own.

The couple purchased a shopping center in 2011. They hired Rosch Company, LLC to complete a renovation and expansion project on the shopping center. Her husband is listed as a vice president of the company’s Florida branch on a business listing from 2008. That Florida branch isn’t on the company’s website and currently has an inactive filing status.

In her civil lawsuit against the man, she claims that he hired a friend as co-manager for the shopping center. She says they both made themselves general managers of the project at the shopping center. She alleges that they aren’t qualified for these contracting positions.

She alleges that her husband is being paid $250,000 annually to manage the shopping center project. On top of that, he is also collecting other fees. She alleges he and his co-manager friend increased their monthly fees to $70,000 from $15,000.

The Wal-Mart heiress is doing what she needs to do to protect herself during the divorce. For couples that have joint business ventures and who ultimately divorce, knowing exactly what is going on with the business is important. Without knowing what was happening financially with the shopping center project, this heiress might have stood to lose a lot of money just because she filed for a divorce from her husband. He allegedly has become greedy despite her agreeing to pay him alimony.

Source: The Malibu Times, “Report: Wal-Mart Heiress Files For Divorce, Claims Husband Funneled Money Through Malibu Shopping Center” Knowles Adkisson, Apr. 22, 2014

White Stripes founder and former wife finalize divorce

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Deciding to end a marriage is not an easy decision, but it is a common occurrence. When a couple has children and is affluent, such as one with substantial business assets, it can take some time to ensure an equitable division between the spouses. Also, the issue of child custody and visitation has to be worked out. Orlando readers who might have been following one of the several high-profile divorces that have been ongoing might be interested to know one of the divorces has been finalized.

Musician and businessman Jack White and model and singer Karen Elson have finalized their divorce. The divorced was finalized in Nashville, the same place where the couple was married in 2005. Elson filed for divorce in 2012.

White will retain his business holdings, the majority of which are music-related and include The Raconteurs, the White Stripes, Dead Weather and his music label, Third Man Records. For White, this was most likely a key part of the asset division, since his career revolves around these ventures and to split them up between the couple could have been a financial setback for White. No other mention of asset distribution between the two was made.

Elson was named the primary residential parent for the couple’s two children. White will have the kids roughly 150 days a year. It wasn’t mentioned if this included school breaks, summer vacations or holidays, but for a noncustodial parent to receive that many days of visitation, it most likely does mean the couple will divide holidays and summer vacations between the children. A judge signed the decree on Nov. 26.

Dividing marital assets and deciding about the children is often a major obstacle for a divorcing couple. However, attaining advice from an experienced legal professional can ensure both parties receive an equitable settlement that is suitable for all parties involved.

Source: Huffington Post, “Jack White, Karen Elson Divorce Finalized” No author given, Dec. 12, 2013