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Clear business ownership important in face of divorce

People in Houston who have been through a divorce know how difficult the process can be. From the emotions that run high and cause inner turmoil to the opposing views on how to best arrange settlements, the range of things that can complicate the average divorce seems virtually endless. The cost of many divorces is also a challenge for many couples, whether the property division is simple or involving a high asset divorce.

If a high asset divorce involves a business or other holding, the need to have clearly delineated ownership is important. One case getting receiving national attention is that of the owner of the National Football League’s Indianapolis Colts. After 33 years of marriage, he and his wife are getting a divorced. Reports indicate that the couple has lived apart for the past 10 years. Unlike many spouses who divorce with business interest, Mr. Irsay can be assured of retaining his assets in the NFL team as he owns the team fully.

A news article on the subject indicated that not only will the husband retain ownership of the football team but will also keep other business interests and assets. The couple have three daughters today and each one is a co-owner of the Indianapolis Colts as well as a vice chair. If clear ownership of the team was not established, Mr. Irsay could have been at risk to lose valuable dollars given that Forbes magazine valued the team at $1.6 billion.

This very public divorce reiterates the importance of proper handling of assets before, during and after a marriage. Anyone with a business interest or large asset holding who may be facing a divorce may benefit from discuss his or her situation with an attorney to protect valuable assets.

Source: IndyStar.com, “Wife of Colts owner Jim Irsay files for divorce,” Mike Chappell, November 21, 2013

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