July 02, 2011 18:57:18 GMT
Since there is no pre-nuptial agreement between the two, the court is likely to grant a split of their properties 50/50.
As previously reported Maria Shriver is filing a divorce from her estranged husband Arnold Schwarzenegger who skipped a pre-nup when they got married twenty five years ago. New reports emerge that the former couple would split around $400 million equally in half.
Under California law, all earnings and other property owned during the marriage is considered joint possession. Based on TMZ's report, Arnold is worth around $300 million while Maria is around $100 million. Due to the length of their marriage, it would be difficult to determine each of their property before the marriage. Therefore, the current assets are treated as community property.
Of course, this is a theoretical procedure. Public will never know the terms of the final property settlement because not only it's going to be confidential but also not going on trial. Maria and Arnold's respective lawyers would be hashing out the agreement in roughly months.
Property aside, Arnold will have to pay Maria a spousal support and her attorney fees if her petition for dissolution of marriage is approved by the judge. She is also asking the judge not to grant the "Terminator" actor a spousal support.