For Orange County spouses dealing with the end of a marriage, it can sometimes be comforting to remember that the rich and famous are not immune from marital breakups. The most recent Hollywood divorce was announced in late August: actress Megan Fox, the 29-year-old star of the 2007 film "Transformers" and its 2009 sequel, has filed for divorce from her husband of five years, actor Brian Austin Green.
Fox filed divorce papers in Los Angeles County Superior Court, citing irreconcilable differences as the grounds for dissolution. The couple has two children together.
In a high asset divorce like this, property division is often a major issue. California is a community property state, which means all property that either spouse acquired during the marriage is considered community property and must be split between them. When a couple has a lot of wealth, valuing and dividing assets can require lengthy negotiations. Expert accountants and appraisers are oftentimes consulted to aid in the process.
News reports of Fox and Green's divorce do not indicate whether the couple has a prenuptial agreement. If they do, it will probably simplify the property division process significantly. Prenuptial agreements can define what is considered marital property, and set forth an agreement for the division of assets. Prenuptial agreements can also address issues of spousal support.
Because Fox and Green have children, they will need to agree on child custody and child support arrangements. If they are unable to agree, the court will make the decision for them after hearing arguments from each side.
Source: Reuters, "Actress Megan Fox files for divorce from Brian Austin Green," Alex Dobuzinskis, Aug. 22, 2015