Divorce can put a strain on finances for all parties involved. This is especially true in a high-asset divorce, where property division must be carefully considered by family members or the courts. Prenuptial agreements and other documents may help in this process, but in their absence, a court may be expected to rule on dividing some assets. Those who face trouble arranging their finances and dividing assets should strive to understand their rights and obligations under the law.

Our readers in Fort Collins, Colorado, may be interested in the upcoming divorce of the parents of celebrity Jessica Simpson. Simpson’s mother has noted that she has private property that she does not consider part of the joint arrangement. Her father has requested that the court do not turn any property over to the mother. With Jessica Simpson estimated to be worth $100 million and her father having been her long-term manager, it is likely that he has accrued a great deal of wealth as well.

Rumors in the case point to the possibility of Simpson’s father having a male boyfriend on the side and cheating on his wife. The father has not confessed to being openly gay, and a representative for the family would only confirm that divorce paperwork has been filed and that the split was “amicable.”

Division of assets can be a very contentious point in a divorce. Understanding the many laws, state or federal guidelines and precedents that govern family law and divorce litigation can help a couple ensure that a legal and amenable division is reached through the process.

Source: Fox News, “Jessica Simpson’s parents divorcing as Joe Simpson shoots down gay rumors,” Oct. 24, 2012