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Actor James Caan files divorce papers for third time

When a high-profile couple gets divorced, it reminds the rest of us that wealth and fame don't necessarily bring marital happiness. The rich and famous, it turns out, have troubles just like everyone else. The latest example of this is James Caan, who recently filed for divorce from his wife Linda. The couple has been married for 19 years.

The 74-year-old actor listed irreconcilable differences as the grounds for the dissolution of marriage. Interestingly, Caan and his wife have been down this road before: he has filed for divorce from Linda on two previous occasions. Both times he and Linda reconciled and didn't follow through with the proceedings. Whether that will happen this time remains to be seen.

News reports of the split do not indicate whether the couple has a prenuptial agreement. The couple has two sons from their marriage, ages 19 and 16. Caan is reportedly asking for joint custody of the younger son.

When a couple with substantial assets gets divorced, asset division can be complex and contentious. If this divorce were taking place in Colorado, every asset would first be classified as marital or separate property. Marital property is generally all property that either spouse acquired during the marriage, other than through inheritance or gift. It is divided equitably by the court. Separate property is that which either spouse owned before the marriage, or obtained during the marriage by inheritance or gift. Separate property is not divided; it is kept by the spouse who owns it. It is usually in both spouses' best interests to reach an amicable settlement of the property division. If they are unable to do so, the court will do it for them.

Source: CBS News, "James Caan files for divorce from wife for the third time," Jessica Derschowitz, Jan. 27, 2015

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