A recent article in the New York Times discussing divorce for older people -- the so-called “gray divorce” demographic -- makes the very salient point that a key focus in many such decouplings needs to be on finances.
According to insiders, media titan Rupert Murdoch is finalizing the terms of his divorce from his wife of 14 years, Wendy Deng Murdoch. Connecticut residents may not have known that among their high-asset real estate holdings, the Murdochs own a vineyard and mansion in Bel Air worth $29 million, a penthouse apartment on Fifth Avenue purchased for $44 million from Laurance Rockefeller, and a Beverly Hills estate.
Division of assets, particularly high-value assets, can become a battlefield when it comes to couples getting a divorce. Wives need to be especially alert to the couple's financial picture if they are to get their fair share of community property in the divorce. If they have more assets than their husbands, then women need to make sure they keep as much of them as possible. Determining ownership of houses and splitting joint bank accounts are only the tip of the iceberg when it comes to division of assets. Finances are more complicated than ever today, with some women having their own financial portfolios in addition to any that may be held jointly with their husband.