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Paltrow, Martin facing complex property division in divorce

| Apr 4, 2014 | Property Division

We’ve heard a lot about the Gwyneth Paltrow and Chris Martin divorce in recent days, especially since the couple is espousing the new mantra of “conscious uncoupling.” Although the couple’s philosophy of divorce has been on Florida residents’ minds, fewer celebrity sites are talking about the property division at stake in this marital dissolution. Financial experts say that the pair could be dividing a massive $280 million estate, as each member of the couple is worth about $140 million each.

Martin, 37, and Paltrow, 41, both landed on the list of top-earning celebrities in 2013. Paltrow earned about $10 million during that calendar year, while Martin, the frontman for popular band Coldplay, earned $64 million. Paltrow has massive business holdings, with companies and film franchises that have grossed billions of dollars on an international scale. With such diversified assets — including a well-known Internet site and revenue from a line of cookbooks — Paltrow is sitting pretty with endorsement deals and other sources of income.

In addition to their generous stash of cash, Paltrow and Martin also own five properties throughout the world. Those real estate holdings include a home in Los Angeles, an apartment in New York and a mansion in London, among others. Since these homes are considered property obtained during the marriage, the couple will likely have to include them in a complex property division proceeding.

Experts say that Paltrow and Martin likely have a prenup. Without that document, they would be required to go through an equitable division process in the state of California. Florida couples who are looking to divide their marital estate with or without a prenuptial agreement may benefit from the assistance of a family attorney. These professionals can fight for their clients’ fair share of marital property.

Source: Business Insider, “Here’s What’s At Stake In Gwyneth Paltrow And Chris Martin’s Multimillion-Dollar Divorce” Aly Weisman, Mar. 27, 2014

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