Jim Belushi has been in the entertainment industry for a long time and many people in New York are familiar with his various shows and movies. He has been married for the last 20 years, but his wife just recently filed for divorce. While she does not state many specifics in the paperwork she filed with the court, she indicates that she is seeking spousal support and joint custody of the couple's two children. However, there are many more issues that will need to be resolved in their divorce as well.
One of the more complicated issues for them, similar to other couples with substantial amounts of money and assets, is the property division portion of the divorce. In a high asset divorce couples not only have many assets to divide, they also have complicated assets. It usually involves much more than just having money in a savings or checking account. Many times, they have investment accounts, retirement accounts, stock options, own businesses, have multiple properties, collectibles and other valuable assets.
Simply valuing these assets can be difficult. People need property appraisals, business appraisals and forensic accountants to determine the value of various accounts and potentially other experts as well. Then, once all of the experts are able to determine the value of all these assets, the couple will have to go through the process of dividing the assets, which can be just as complicated at times. This process is on top of the complications that come with child custody, child support and spousal support issues.
Each marriage in New York is unique. Some couples have many more assets than others and, in these divorces, property division can be one of the most complicated issues to resolve. There are many experts who may be involved simply to value the assets and then the couple will have to go through the legal process of dividing them. Experienced attorneys understand these complications and may be able to guide one through the process.
Source: www.usmagazine.com, "Jim Belushi's wife files for divorce after almost 20 years of marriage" Sarah Hearon, March 5, 2018