Illinois couples and others often enter into prenuptial agreements prior to marrying to protect their assets should they ever divorce. This is especially typical for those with significant fortunes, which is why it surprised many that superstar Gwen Stefani and her soon-to-be former rocker spouse, Gavin Rossdale never signed one. Stefani has earned millions upon millions more than her husband; thus, media rumours abound, stating that he was prepared to go to trial to get his share in the divorce.
Illinois is not a community property state. Rather, the court determines how to divide assets in an equitable manner, considering factors such as custodial provisions for children, duration of a marriage, potential tax consequences of property division and more. However, in Stefani and Rossdale’s home state, a community property jurisdiction, each spouse is typically entitled to 50 percent of all marital assets. Technically, though Stefani has amassed more than $40 million more than her husband, by law, each gets half of the combined assets.
In this couple’s case, Mr. Rossdale has agreed to take significantly less than half of the Stefani/Rossdale fortune. The parties have agreed to joint physical custody of their children. Nevertheless, Rossdale agreed to have their three sons reside with him the majority of the time while their mother is on tour and honoring other business commitments.
Property division, child custody and spousal support are important matters, typically requiring spouses to negotiate in a divorce. It is crucial that the parties to a divorce understand the laws of their own state before attempting to plan for their futures. In Illinois, there are experienced attorneys who are able to offer sound legal counsel and guidance so that an amicable settlement is more readily obtained.
Source: gossipcop.com, “Gwen Stefani and Gavin Rossdale reach divorce agreement“, Michael Lewittes, Oct. 25, 2015