California residents who are married know that maintaining a union for the long haul can be challenging and difficult. Sometimes, the problems are too overwhelming, and a couple decides that they should divorce. When they do, the couple normally negotiates the division of their assets and property prior to being granted a final divorce decree.
California law requires that a couple wait at least six months after filing a divorce before the matter becomes final. During the waiting period, a couple can negotiate for a division of assets if those issues are not already resolved. In many cases the assets include a family home and other monies, including retirement, savings and investments. In high-asset or celebrity cases, the assets to be divided can be substantial, and the negotiations are sometimes contentious.
Russell Brand and Katy Perry have reportedly reached a settlement agreement in their divorce. According to the Los Angeles Times, Brand agreed to walk away with nothing from the divorce, despite the fact that he could have taken $20 million. A California court reports that a Los Angeles Superior Court Judge signed the judgment on Feb. 8 after the couple advised the court in writing that they had agreed on all issues.
While the Perry and Brand divorce appears to have been amicable, there undoubtedly were financial issues that required attention. Even in circumstances where a California couple agrees about property division, it is sometimes an arduous process to reduce the accord to a formal settlement agreement that truly reflects the intentions of both people. That is sometimes more difficult than it might seem, and each party to a divorce would do well to understand their rights.
Source: CBS News, “Katy Perry, Russell Brand finalize divorce,” Anthony McCartney, Feb. 11, 2012
Source: Los Angeles Times, “Katy Perry Russell Brand make nice with divorce settlement,” Christie D’Zurilla, Feb. 8, 2012