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Neil Young plans high net worth divorce from wife of 36 years

Famed musician Neil Young has formally filed for divorce from his wife of 36 years. Texas fans of the musician may remember him for such lasting love songs as "Such a Woman" and "Once an Angel," though Young boasts a large library of hits. This high net worth divorce began when Young filed for divorce in his California hometown in late July. The couple will be headed to court for an initial hearing on Dec. 12.

Official reports show that Pegi Young, Neil's wife, has been the inspiration for some of his classic love songs. She was his backup singer in the 1990s; they most recently performed together in October 2013. She has since released three independent solo albums and completed several of her own tours. Both Pegi and Neil recently concluded their own tours, with Neil slated to depart on an American leg in October.

The Youngs may intend to pursue a litigation-based division of marital property, considering their intention to attend a hearing in December. High asset divorce proceedings are generally somewhat different from those in which only modest assets are divided. That is because marital property that includes 401(k) holdings, real estate and other complex business assets can be difficult to equitably split.

High asset divorce couples may need different legal strategies -- including litigation -- that may not be desirable for those with more moderate holdings. Couples like the Youngs may need additional legal support throughout their complex asset division, which is why a trained legal team is absolutely critical. Both parties deserve a fair share of the marital estate; legal professionals may help improve the likelihood that such an equitable division occurs.

Source: CNN, "Neil Young files for divorce from wife of 36 years" Aug. 27, 2014

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