On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, July 25, 2012.
In this day in age, the number of divorces being filed by individuals who are a part of the baby boomer generation is on the rise. Residents of Chicago may have been surprised to hear that earlier this month, a baby boomer, whose livelihood in part depends on people getting married, announced her separation from her husband of 23 years. The woman is none other than Vera Wang, among other things, wedding dress designer extraordinaire.
Wang has had a long career in the fashion industry. In addition to designing wedding dresses at all price points, she also has a regular clothing, home goods, makeup and fragrance lines. The couple, who has two daughters together, has worked together at her company throughout the course of their relationship.
While most divorces address some of the same matters such as property division, spousal support, and when children are involved, child custody and support, occasionally, they must resolve more complicated issues such as what to do with a family-run business. These types of situations often make for interesting divorce proceedings. When a divorcing couple who work together cannot get along it will be necessary to find a way to divide the business. Among other things, this entails a valuation of the business be conducted. In a highly volatile divorce, a judge will in part use that information to determine the outcome.
Fans of Wang’s designs are likely relieved to hear that she and her husband have indicated that the split will not have a bearing on how the business is run. An insider cites the reason being that they two have put too much time and energy into the creation of the company. Whether this is in fact true, remains to be seen.
Source: Los Angeles Times, “Designer Vera Wang splits from hubby Arthur Becker after 23 years,” Nardine Saad, July 11, 2012