From the time that Hollywood actors Tori Spelling and Dean McDermott fell in love with each other, their relationship was surrounded by disaster. Both were married to other people at the time they got together, which caused some public drama. It may not be a surprise to some that the couple would experience issues with their divorce as well. However, the couple is currently putting their divorce on hold for the same reasons as most couples: money and children.
One insider reported that the couple knows how expensive the divorce proceedings will be, especially since they are currently going through a trial separation. Another source also reports that the couple is concerned about how the divorce will affect their five children.
Tori Spelling and Dean McDermott’s situation is on par for many high-profile couples. Even though high-profile couples have to go through the same divorce process as many of us, there are certain challenges that they must consider that can affect their divorce process.
- Negative attention stirred up by the mainstream media. One of the unique challenges high-profile couples face is the negative attention stirred by the public media. Divorce is already an emotional process to handle; imagine going through the process with millions of pairs of eyes watching your every move. Where many, non-famous couples have some anonymity with their divorce proceedings, the general public has a play-by-play on a high-profile couple’s divorce.
- False information being fed into the narrative. One of the ways that negative attention from the mainstream media can affect divorce proceedings for high-profile couples is by presenting false information. Entertainers and athletes are not the only high-profile couples that deal with rumors of infidelity and deceit in their marriages. Doctors, business owners, and other professionals must deal with the fallout of rumors stemming from adultery and secret bank accounts. It can be extremely difficult to resolve the divorce proceedings with any sort of fairness once these rumors hit mainstream media.
What happens to the assets of high-profile couples in a divorce?
Another issue that high-profile couples face in divorce is the fair division of assets. Married couples who have acquired a significant amount of assets throughout their marriage have to determine how to divide those assets fairly. With high-profile couples, the stakes are greater. The amount of a couple’s combined assets, especially a couple who has seen a high level of success together, can easily total up to millions of dollars.
Some of the common issues that high-profile couples must resolve when dividing assets is determining which assets were acquired before, during, and after the marriage. That means evaluating and dividing real estate properties, vacation homes, businesses, and other assets.
How are assets evaluated in a high-profile divorce proceeding?
Because one or both of the partners in the marriage have likely acquired assets with a high net worth, special experts may have to evaluate the actual value of each asset. If the couple started a business during the course of their marriage, for example, a family lawyer may have to rely on the expertise of a business expert to evaluate the actual worth of their business. The same process would have to be repeated for each asset the couple has, from retirement plans to stocks to intellectual property.
The length of time to resolve the divorce increases with substantial assets
For Tori Spelling and Dean McDermott, prolonging the divorce process could come back to haunt them in the future. Because it will take longer to evaluate each piece of the high-profile couple’s assets, the length of time it takes to resolve the divorce will take longer. The evaluation process can take even longer based on the tension between the two parties. If it is discovered that one of the partners is not being honest and hiding one or a few of their assets from their spouse, a forensic accountant may have to step in. This can stall the process from a few months to a few years.
How the divorce process affects children of high-profile couples
Another interesting effect that divorce has on high-profile couples is the effect that the divorce has on their children. Spelling and McDermott are concerned about the effect their divorce will have on their five children, with good reason. Georgetown University and the University of Chicago conducted a study in 2014 that was published in the Child Development journal. The study measured how children between the ages of three and 12 from different socioeconomic levels react to divorce. The study revealed that the wealthier children under the age of six experienced a greater increase in behavioral issues.
One of the possible explanations for this reaction is that wealthier children are likely to experience a substantial change in their way of living as a result of the divorce. This could be another reason why Spelling and McDermott are holding off on their divorce. Spelling’s grandmother, Candy Spelling, is currently taking care of most of the children’s financial needs. Who knows how their divorce will affect their family’s financial future?
Another possible explanation for the reaction is deeper than the financial aspect of a high-profile divorce. Children that come from wealthier backgrounds are more likely to experience a significant change in their home lives due to the divorce. Because wealthier children are accustomed to a more stable structure in the home, the new changes that are brought on from a divorce can cause more stress for all members of the family, leading to more behavioral issues if the stress is not properly managed.
One thing is for certain for Tori Spelling and Dean McDermott: they have a tough road ahead of them whenever they decide to proceed with their divorce.
The divorce process with your ex-spouse does not need to be as uncertain as that of Tori Spelling and Dean McDermott. If you want to give yourself the best chance possible at ensuring that you and your family can move on in a healthy manner after the divorce, talk to the family law attorneys at McCabe Russell, PA. We proudly serve families in and around Fulton, Bethesda, Rockville, and Columbia. Call our office at 443-917-3347, or complete our contact form to schedule your consultation.