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Judge finalizes Simpson divorce, divides assets 50/50

The word divorce can have positive and negative connotations, depending on one's experience. Nevertheless, high-asset divorce often piques the interest of many people. Take, for example, the recently finalized divorce of Joe and Tina Simpson, parents to celebrity singers Jessica and Ashlee, which involved cars, savings and an insurance policy.

The famous singer-turned-fashion designer's parents took center stage as their 34-year marriage came to an end. There were speculations and rumors about reasons for the split but a source speaking on behalf of the family said the divorce was an amicable decision.

According to the news, the parties decided to split their marital assets equally. The singers' father is getting half of one of their homes, some stocks, two cars and proceeds from the sale of another house. He is also entitled to all his personal belongings and bank accounts. The singer's mother, who also manages Jessica's fashion line, is taking a house in Texas, two cars, several bank accounts and other assets. Both parents will share in the management fees of their celebrity daughters and earnings from Jessica's fashion label. They will also share Jessica's life insurance policy.

Going through divorce without the help of family or close friends may be very challenging. The end of a marriage can be stressful, especially when dealing with its emotional and financial impacts. Property division should be settled by taking into account the needs and reasonable living standards of each spouse. If disputes arise over children, custody, property or alimony, the couple can ask the court for help.

Everyone going through divorce should ensure that they will be financially secure after splitting. Both parties can proactively address this by drafting a prenuptial or post-nuptial agreement. However, in cases where the couple is unprepared, a legal professional can help them resolve any issues that may stem from divorce.

Source: The Inquisitr, "Joe And Tina Simpson's Divorce Finalized," April 25, 2013

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