Stephen J. Buhler, Attorney at Law

Famed billionaire and wife seeking second divorce

Over the course of years, Salt Lake City residents may seem their personal relationships with others evolve significantly. Even the closest of relationships, such as those between spouses, can change over time. Often times, these changes account for the couple's decision to get a divorce, as the situation in the marriage may not be what it used to be when the couple first became married.

Of course, things can change the other way as well, as some couples who get divorced may find themselves remarrying the same person. Famed billionaire Elon Musk, for example, remarried his wife, a British actress, after the couple divorced in 2012. The couple recently made news because they have filed for divorce for a second time.

During the first divorce, Musk, the co-founder of PayPal, Tesla and SpaceX, had agreed to provide his wife $16 million in cash and other assets under a prenuptial agreement. It remains to be seen how the couple's

property division will proceed in the latest divorce or whether a new prenuptial agreement was entered after the first divorce.

Prenuptial agreements are common, particularly in a high asset divorce, as well as after one spouse has been divorced before. Individuals may find that prenuptial agreements protect their assets and provide more certainty, as opposed to leaving the process of property division up to a judge.

If there is no prenuptial agreement, and the couple cannot agree on the division of assets themselves, then the court will typically decide how to divide the marital property. In dividing property, the court generally attempts to be equitable. This is not the same as an equal split of the property, but the court will attempt to do what is fair in dividing the couple's assets and debt.

Source: Fortune, "Elon Musk's wife files for divorce," Robert Hackett, March 22, 2016

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