On March 31, 2016,k Tesla unveiled its as-yet unreleased Model 3. In just 24 hours, the pioneering automaker had raised eight billion dollars in initial $1,000 deposits according to reports. Tesla founder and CEO Elon Musk was undoubtedly pleased by the windfall, but he appears to be facing a huge financial setback in divorce court.
Talulah Riley, Musk’s estranged wife, filed for divorce in Los Angeles Superior Court just ten days prior on March 21 and did not identify the existence of a prenuptial or postnuptial agreement. With an estimated fortune of $13.2 billion, the decision by Musk to forego legal protection for his pre- and post-marital assets could prove costly indeed. According to Riley’s petition, the 30-year-old actress will seek undetermined spousal support and reimbursement of her attorney’s fees.
In a high net worth divorce the financial stakes are never higher. Years and even decades of professional success can be erased overnight, depending on the demands of an estranged spouse and the jurisdiction chosen for a divorce. In California, equitable distribution – which allows for an allocation of assets based upon a variety of factors, including the contributions of both parties to all marital assets – is not an option. Instead, California employs a community property approach, whereby assets are simply divided in half.
A divorce between Riley and Musk is far from certain, however. The couple already divorced in 2012, with Riley receiving a settlement that included a Tesla Roadster, $4.2 million in cash and various gifts received during the marriage, including a Cartier watch. Riley in her latest filing cites irreconcilable differences as grounds for divorcing a second time. Musk has 30 days to respond to the petition. The couple initially wed in 2010 and remarried in 2013.
Towson High Asset Divorce Lawyers at Huesman, Jones & Miles, LLC Serve as Advocates in High Net Worth Divorce Cases
The emotional repercussions of divorce are devastating in their own right, but spouses of high net worth must take steps to protect their assets as early in the divorce process as possible. Towson high asset divorce lawyers at Huesman, Jones & Miles LLC understand the pressures that high net worth clients face. We will aggressively move to protect your assets in court. At our Hunt Valley, Pikesville and Towson offices, we provide legal representation throughout Maryland including Baltimore County, Harford County, Carroll County and Howard County, as well as the communities of Towson, Essex, Columbia and Bel Air. Call us today to schedule your free confidential consultation. We can be reached at 443-589-0150 or complete our online questionnaire.