Colorado couples who have divorced after a long marriage know how difficult the process can be. When the couple has accumulated a lot of assets, it can be even more complicated. Recently a high-profile couple in the movie business finalized their divorce after being married for 23 years. Fortunately for them, they were able to reach a settlement of their differences.
Paul and Linda Hogan met while filming Crocodile Dundee in 1986. The movie spawned a few sequels and the couple made a lot of money. In the divorce settlement, Paul has agreed to pay Linda $5.775 million. He will, however, keep all the rights to the Crocodile Dundee properties. The couple have agreed that neither will pay spousal support to the other.
The Hogans have a 15-year old son. In their divorce settlement they agreed to joint custody, and they have worked out arrangements as to which parent he will spend time with on vacations and other special occasions.
A high asset divorce after a long-term marriage can present special challenges when it comes to asset division. Real estate and business assets must be valued and often property must be sold before it can be split. For older couples, retirement plans are a major concern. Dividing them requires special care to retain the tax advantages. When a high-income couple makes an effort to avoid disputes and work toward an amicable settlement, getting past the complications becomes a lot easier. Working with professionals who have experience with complex asset division can also make navigating the process a lot less stressful.
Source: People, “Paul and Linda Hogan Finalize Divorce,” Mariah Haas, July 23, 2014
