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NFL owner and wife agree to divorce settlement

Colorado football fans know that NFL team owners generally don't hurt for cash. So when one of them gets divorced, the chances are good that the asset division will be a drawn-out, contentious proceeding. But when Indianapolis Colts owner Jim Irsay and his wife divorced recently, they were apparently able to work out a mutually acceptable agreement to divide their property. Their high asset divorce was finalized recently, and the two are now free to go their separate ways.

The couple were married for 33 years and have three daughters together. They did not have a prenuptial agreement but nonetheless were able to work together to reach a settlement. Under the agreement, Irsay will keep his 100 percent ownership of the Colts, along with two homes, several bank accounts and some other assets. His ex-wife will get one house, her interest in a fitness business, and two cars. She will also receive a significant cash payment. The couple signed a confidentiality agreement as part of the settlement, so the exact amount of the cash payment is unknown.

In Colorado, a divorcing couple's assets are generally put into two categories. Property acquired by either party during the marriage, unless it was acquired through inheritance or gift, is considered marital property. Marital property is split equitably between the parties. Property either spouse owned before the marriage is classified as separate property, and the spouse who owns it gets to keep it.

When a high-profile couple with significant wealth goes through a divorce, asset valuation and division can be complex. This does not mean, however, that it must be contentious. If the parties and their lawyers can sit down together and work out a settlement, it will save both parties a lot of money and stress in the long run.

Source: TMZ.com, "Colts Owner Jim Irsay Divorce FINALIZED -- No Prenup? No Problem!" May 25, 2014

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