Jessica Simpson’s Parents Finalize Property Division in Divorce

The high profile divorce of Jessica Simpson’s parents, Tina and Joe Simpson, was recently finalized. Included in property and assets that the two must split are their Sherman Oaks home and a controversial life insurance policy. Information was not available as to whether Mr. Simpson intends to buy out his ex-wife’s half of the upscale home or if there was some other agreement pertaining to monetary compensation. Mr. Simpson was awarded full ownership of two Mercedes Benz, personal belongings and a number of stocks and bonds. Tina Simpson has full ownership of the former couple’s home in Texas, a Porsche and a Range Rover as well as various other bank accounts and other assets. The cost and benefits of the life insurance policy that Joe Simpson had allegedly taken out on his daughter in secret will be shared by both ex-spouses. Mr. Simpson had apparently thought he would be able to keep the policy to himself, which is reported to be worth about $4.5 million. The policy was discovered, however, and per property and asset division laws it was labeled as marital property to be divided equally.

Property division in a divorce can be very complicated and may create a great deal of strife. That is why it is so important that you work with a quality divorce attorney right away when going through a divorce. California is a community property state which basically means that any real estate, assets, debts and the like that have been acquired during the marriage are considered marital property owned equally by both parties. Unless you have a legally binding prenuptial or postnuptial agreement, all items such as a home, cars, stocks, a business, life insurance policy, 401(k), bank accounts, savings accounts, cash, etc. must be distributed in the course of the divorce. This process must be carefully done so that nothing is overlooked which could create difficulties in the future. If the two parties are unable to come to an agreement about the division of marital property and liabilities through mediation or other agreement then a judge must step in and make a decision. Make sure you are protected by having an experienced attorney on your side.

Sherman Oaks Divorce Lawyer for Property Division Issues

Contact our highly dedicated team at the law offices of Taub & Taub today to schedule a free initial consultation. We have a thorough understanding of this area of divorce and family law and have the track record to prove it. Going through a divorce is difficult and you deserve to have someone looking out for your best interests.