There can be astronomical expenses with divorce

On Behalf of | Oct 23, 2013 | Divorce |

For non-celebrities, divorce can play havoc on one’s finances. Depending on the relationship of the parties during the divorce and how the parties handle their divorce, a lot of money may change hands throughout this proceeding. The financial status of the parties in the divorce will ultimately dictate the monetary outcome. Celebrities who get divorced, specifically those that do not have a prenuptial agreement, will probably end up paying a substantial amount of money in a divorce.

Timothy Zachery Mosley, better known as Timbaland, is a rather famous music producer that has worked with many of the top musical talents in the music industry. Timbaland’s wife has filed for divorce and is seeking a number of monetary provisions in the divorce. They were married for five years and in that time had one child. The soon to be ex-wife also had a child from a previous relationship. In her divorce filing, the wife is seeking child support for both children because Timbaland held out her child to be his biological child. She is also seeking two types of alimony and various other financial incentives.

When dealing with a large amount of money in a divorce, the likelihood that huge financial dues will have to be paid to one party is quite high. In the above-mentioned situation, Timbaland is worth about $80 million and because he did not have a prenup, he will most likely have to make many, many financial concessions. There are many issues that have to be resolved in a divorce and one of these is alimony. Alimony is when one spouse pays another spouse to support them monetarily until the court deems that they can stop the payments. Permanent alimony however is a type of alimony that can last forever. This type is no longer popular in the courts but it does still exist.

It is important to think of the money that goes along with a divorce. Divorces are expensive generally, but even more so when wealthy individuals are getting a divorce.

Source: UPTOWN Magazine, “Cheaper to Keep Her? Timbaland’s Wife Files for Divorce,” Oct. 21, 2013

FindLaw Network