Considerable wealth is good fortune paired with tremendous responsibility. The legal view of property changes when Houston couples marry or divorce. Texas community property laws ensure divorcing spouses receive equal shares of marital property.
The more you own, the more you have to protect at the end of a marriage. Assets may be widespread like ownership of one or more businesses, domestic and foreign investments and intellectual property -- each carrying unique characteristics and values. Just the job of tallying up assets can be a difficult task.
Philanthropist billionaire George Soros, 83, is no stranger to the effects of personal relationships on finances. Soros, whose net worth is valued by Forbes to be $23 billion, had a property dispute with a former girlfriend, even as he married for the third time last year. A 30-year-old Brazilian actress unsuccessfully sought damages for an unfulfilled promise – the financier changed his mind about purchasing a $1.9 million home for the woman.
Robert Soros, the billionaire's 50-year-old son, also is facing a property settlement. The high-ranking executive with Soros Fund Management is ending a 22-year marriage. Robert Soros and his wife Melissa Robin Schiff have a prenuptial agreement, although reports say wording in the contract could be called into question.
The couple has two adult children and several homes, including a city property valued at $13 million, a cottage worth $9 million and a farm. The terms of the prenuptial agreement and other assets were not disclosed. Each spouse has retained high-powered attorneys.
Whether assets and debts from a marriage are few or spouses are involved in a high net worth divorce, property is divided two ways. Separate property does not have to be shared as long as it has not been commingled with marital property. Affluent couples often make financial arrangements through prenuptial or post-nuptial agreements to avoid possible disputes in the event of divorce.
Source: New York Post, "Billionaire George Soros’ oldest son in nasty divorce" Julia Marsh, May. 12, 2014