One source reported that Jack White and singer/fashion model Karen Elson have finalized their divorce in Nashville. The date of the finalization was November 26th.
Jack White, lead singer of the White Stripes, the Raconteurs, and other groups, met Elson when she starred in the White Stripes video “Blue Orchid.” The two were married in 2005, and had two children. The Herald-Whig reports that White will retain ownership of his multiple musical projects, as well as his record label, Third Man. Elson will have primary custody of their two children, with White having 150 days visitation.
High-profile divorces like these provide much fodder for the tabloid press. However, they also illustrate the importance of experienced family law representation, especially when dealing with issues of child custody and high-valued assets.
High-asset Valuation and Divorce
The report on the White-Elson divorce suggests that the couple agreed on White retaining ownership of his projects. In divorce proceedings that involve business ownership, this is often not the case. A business is often marital property, or property that came into the ownership of one or both of the spouses during the course of the marriage. As such, marital property belongs to both spouses. Dividing marital property can be a complicated process, and the family law judge has leeway in distributing it. Sometimes the judge will split ownership and allow the business to run, with the profits going to both spouses. Sometimes though the judge will order liquidation of the business and the division of the proceeds. In cases such as that, accurate business valuation is essential.
Custody negotiations (or “battles,” depending on the relative disposition of one or both of the spouses) are central to the divorce process. Whether or not the spouses do, the judge’s job is to award custody and visitation with the best interests of the child in mind. In the case of the White-Elson divorce, it seems equitable on the surface. While both Elson and White live in Tennessee, White has multiple projects with which he tours the world. Further, he has 150 days of visitation, or about a month less than half of the year. While Elson and White seem to be mature about child custody, not every spouse is willing to negotiate.
Contact a DuPage County Family Law Attorney
With children and high-value assets involved, emotions can get high and much is at stake. An experienced attorney can get the most accurate valuation of your business, and can help make sure the children’s best interests are served. If you are contemplating divorce, contact a Wheaton family law attorney today.