The end of a marital relationship is often difficult because of the emotional turmoil it unleashes as well as the legal issues involved. A high asset divorce adds the element of high stakes if one or both spouses own considerable wealth that must be split under state law, whether in Texas or another state and regardless of the celebrity status of either or both spouses.
This seems to be the case of rapper and entrepreneur Master P, who’s real name Percy Miller, and Sonya, his wife of 24 years. The couple’s formal divorce started when she filed papers last October, but the couple was apparently estranged for several years. It was also indicated that she was awarded a small amount of child support, $271 per month, from him in 2011 to raise their four young kids.
Sonya Miller claims her share of the couple’s community assets is worth nearly $68 million and Master P’s wealth is allegedly $178 million from a wide array of properties and some 45 business ventures, some of them highly profitable, including a music recording company, an energy drink company, the Foot Locker athletic shoe business and a sports management agency.
The estranged wife is specifically asking for $54 million of the rapper’s business ventures, eight of the couple’s 31 properties spread across the southern half of the United States, and specific items such as a luxury car, a chandelier and her wedding dress.
Which assets are eligible for division and how they are valued is often a major stumbling block in high-asset divorces anywhere in the country, including Texas. Resolving the issue means finding and identifying marital and nonmarital properties owned by both spouses.
These disclosures themselves often create conflict, so both parties are highly advised to obtain independent guidance. Seeking assistance from professionals familiar with both law and finances could help a divorcing couple reach an amicable divorce settlement.
Source: wpgc.cbslocal.com, “Master P’s Wife Asking for $67 Million in Divorce Settlement,” Jodi Phillips, April 24, 2014.