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Murdochs agree on New York breakup terms

| Nov 27, 2013 | Property Division

The high-profile New York divorce between Rupert Murdoch and Wendi Deng Murdoch has finally reached an end, with both parties agreeing to a settlement that will terminate their 14-year marriage. Deng, Murdoch’s third wife, agreed to the terms of a 100-page document that divided the couple’s marital assets, according to news reports.

Murdoch and Deng ended their divorce by signing the confidential document, which eliminated the need for a trial. Couples who are considering amicable divorce – that is, they are not facing a high-conflict situation – may be able to benefit from this same strategy, which speeds the divorce process and reduces the cost. A judge in the case even complimented this couple on the amicable resolution of their relationship.

This case was fairly straightforward, largely because the couple had been responsible enough to sign a prenuptial agreement that was supplemented by additional postnuptial agreements. This was not Murdoch’s first marriage; he had learned to be cautious and prudent before entering into this relationship. Still, some contested issues arose, primarily in relation to the custody rights to the couple’s two pre-teen daughters. Even though the divorce agreement was technically confidential, sources close to the pair say that Deng will continue to live in the couple’s Manhattan penthouse with the kids.

Experts in the field say that the divorce is unlikely to affect the business holdings controlled by the 82-year-old Murdoch. The man’s media conglomerate is valued at some $13 billion. In this case, the man’s other four children all have equal economic shares in the family trust, and these youngest daughters are also included. However, the girls have not yet been granted the same voting rights as their older step-siblings.

Even high-profile, high-asset divorce cases can be settled quickly and quietly if the proper documentation is in place beforehand. Attorneys can assist couples with developing their prenuptial agreements before tying the knot, which can lead to a smoother divorce later. An investment in proper legal advice can help couples avoid stress and financial strain.

Source: www.nytimes.com, “Rupert and Wendi Murdoch reach a divorce settlement” Peter Lattman, Nov. 20, 2013