A high net worth divorce can be costly for those individuals that aren't aware the best way to navigate the situation. While there are steps that can be taken to protect a person's assets, those can only be put into place if the person knows where to start. A recent high net worth divorce involving a celebrity is making headlines in Georgia.
Sherlita M. Patton, the soon to be ex-wife of Big Boi, better known from the music group Outkast, has filed for a divorce. The paperwork was filed in Georgia and reportedly said their marriage is irretrievably broken. This could be a costly divorce as it is unknown if the pair have a prenuptial agreement.
The couple have two children together, one of whom is an adult at 18 years of age and the other is 12-years-old. Big Boi reportedly said they have been a couple for 20 years, but are now splitting after 11 years of marriage. Patton is asking for custody of their minor child and has also requested half of the marital assets, spousal support, and attorney fees. Mediation may be an option for the couple if they are unable to come to terms on their own.
Any Georgia resident that is facing a high net worth divorce may want to quickly protect any assets and investments that could be involved. Even if a prenuptial agreement is in place, the parties could benefit from reviewing the agreement and determining if everything is covered. Having an understanding of the applicable laws and knowing the appropriate steps to take can help the parties protect themselves and negotiate the best possible outcome.
Source: Huffington Post, Big Boi's Wife, Sherlita M. Patton, Files For Divorce, No author, Oct. 8, 2013