Many Michigan residents do not want their marriages to break down because a divorce can lead to a lot of emotional trauma. If a child or children are involved as well, things can get even more complicated.
However, sometimes things do not work out and divorce cannot be avoided. A divorce also has a financial side to it and it is usually involves alimony, property division, child support and other issues.
Things can get bitter between spouses if substantial assets are involved, particularly in cases of celebrities or other extremely wealthy people. These people can be in for a huge financial blow during the asset division process. In most of the United States, including the state of Michigan, there are provisions for equitable division of property between spouses.
One such divorce case that will probably involve high assets is the developing one for celebrity musician Slash, who could lose half of his property. According to legal reports, ex-wife Perla Ferrar may be entitled to 50 percent of Slash's money, and reports indicate that she is already looking into his earnings since they got married in 2001. Reports also stated that the couple had not signed a prenuptial agreement at the time of their marriage.
Ferrar believes that Slash earned tens of millions of dollars after their marriage and she is now assessing Slash's real property, album sales and other assets. Since their wedding, the musician has released five albums including a very popular one with his band Velvet Revolver.
Although property division issues can become contentious, the spouses may want to at least try to resolve their differences amicably so that all parties can move on with their lives without any bitterness. Regardless of whether the divorce is amicable, however, one may wish to seek the services of an attorney to protect his or her financial and other interests during the divorce.
Source: BigNewsNetwork.com, "Slash's wife planning to claim half of his fortune as divorce settlement," Jan. 6, 2015