Celebrity couples often have to face a media frenzy once they've announced a pending divorce. But, when there is a significant discrepancy in their earnings, they may face bigger problems when it comes to splitting assets.
On June 8, David Arquette and Courteney Cox Arquette both filed for divorce in a California Superior Court, according to reports. The two have been married for 12 and a half years.
Cox's divorce papers, which were acquired by the tabloid TMZ, show that she, like Arquette, has chosen to represent herself, rather than hiring a lawyer. While this could be interpreted as a sign of goodwill between the pair, it may also make elements of the divorce proceedings more difficult, especially if the former couple can't come to an agreement on financial matters.
As well as reportedly having no California family law lawyers involved, the couple also has no prenuptial agreement in place. This could mean that the combined assets earned throughout their marriage will be "considered community property" and divided evenly, the source posits.
Currently, the media outlet states that Cox is worth an estimated $75 million compared to Arquette's $18 million, so splitting their combined assets down the middle would entitle Arquette to a significant portion of Cox's gains.
Both Cox and Arquette are also seeking joint custody of their 8-year-old daughter, Coco, which thankfully will spare them the emotional trauma of a heated custody battle. However, issues may arise regarding the exact terms, such as the division of certain holidays. Despite both parents having their child's best interests at heart, these small but important details can still be a source of contention.
The process of dissolving a marriage can be a difficult one, even for couples that have parted on good terms. Anyone considering divorcing from a spouse should contact a legal referral service to find an attorney who can remain objective throughout the proceedings.