Being in a relationship can be one of the most rewarding experiences in an adult’s life. Many adults turn these relationships into marriages and sometimes children are brought into their lives. Unfortunately, more often than not, these relationships end in divorce.
Racecar driver Danica Patrick is now single again. Her Arizona divorce became final April 17. The divorce paperwork claimed that the marriage was irretrievably broken and that there was no possibility of reconciliation. The couple filed for divorce in January. She officially announced their separation in November.
The couple was married in 2005 and had no children together. The pair entered into a prenuptial agreement prior to their marriage. Prenuptial agreements allow a couple to make determinations of property settlements and other divorce issues before the marriage is entered into. This is oftentimes utilized in high asset divorces. High asset divorces generally involve substantial property settlements and alimony payments. Prenuptial agreements can protect assets and determine these contentious issues beforehand.
Divorce can be a frustrating and difficult process. There are many issues that have to be determined in divorce. One that all couples must face is property division. All couples must determine how to split property acquired during the marriage.
Another issue that the couple may have to determine is whether either spouse will receive alimony payments. Alimony is often paid to a spouse if he or she is accustomed to a certain standard of living from the marriage. If the couple had children, the parents will have to make decisions about the children such as custody and support arrangements.
The divorce process includes a lot of decision-making and can be a lengthy process.
Source: Courier Post, “Danica Patrick singe again after divorce finalized,” Apr. 25, 2013
