Collin County residents may find it hard to imagine working out the details of a marriage ending when the net worth of the family reportedly approaches $13.4 billion. A high asset divorce often makes news when this tidbit or that detail is revealed as many follow the ongoing story. The reality is that the same emotional upheaval, family plans and business decisions exist for any divorcing couple, and they must be worked through amicably or with court direction.
Mr. and Mrs. Murdoch have been married for 14 years, and have two school-age daughters. This is the third marriage for the 82-year-old media tycoon. He had four children prior to marrying his present wife. Reportedly, he met the now 44-year-old in 1997, married her in 1999, and they signed prenuptial and postnuptial agreements.
While the terms of the agreement were not disclosed in court, the couple presented the judge with verification that they had reached an amicable settlement of all matters. Answering the judge’s questions and affirming they understood the agreement has allowed the final divorce decree to be a matter of paperwork.
Property division is somewhat controlled by the family trust, through which the mogul’s media corporations operate. The business succession plan for his four older children is unaffected by the divorce, and the younger girls are provided for in a separate trust. According to a further report, the parents will share custody of their daughters. They will reside with their mother, who will retain ownership of two of their residences.
Any high asset divorce settlement benefits from this type of forethought and respect. There are situations that are not quite so amicable, however, and calm consideration of all the facts is important in formulating a plan. The goal is to resolve complicated issues that are inevitable when high net worth is part of the picture, and the well-being of children is involved.
Source: KVUE.com, “Rupert Murdoch, wife reach divorce deal in NYC” No author given, Nov. 21, 2013