Kate Walsh, star of the ABC television drama “Private Practice”, has reached a divorce settlement with her former husband, FOX executive Alex Young.

Under the terms of the settlement, Walsh will pay Young a one-time payment of $627,000, along with half of the money she earned from any work she did during the course of their marriage. Walsh and Young were married in September 2007 and filed for separation in November 2008.

Walsh will get to keep the couple’s house and a piano. The rest of their assets will be divided by alternating picks after flipping a coin to determine who will pick first.  If Young doesn’t pick within 10 days then all of the couple’s marital assets will remain with Walsh.

Walsh and Young’s 15-month marriage came to end when Young filed for divorce citing irreconcilable differences. Walsh also filed for divorce citing the same grounds.

Have you and your spouse decided to file for divorce? Are you interested in settling your divorce without intervention from the court? To learn more about the ways you and your spouse can avoid a contested divorce, please  contact Ellerin Hutchinson today at (904)-866-4489 to arrange a consultation with an experienced Jacksonville divorce lawyer.

During a divorce, the division of assets is referred to as equitable distribution. Many people misinterpret the term equitable distribution, thinking it means equal distribution.  Equal distribution is the process of dividing a couple’s marital assets and debts equally.  Equitable distribution is the process of dividing a couple’s assets and debts in an equitable manner.  Equitable means fair.  This means the judge will need to review all of a couple’s assets and debts, as well as each spouses’ contributions, to determine what would be the fairest way to divide the assets.

Some other factors the judge might take into consideration include:

• The contributions of each spouse to the marriage, including both financial contributions and non-economic contributions
• Each spouse’s income and financial situation
• How long the couple was married for
• If one spouse stayed home from work to care for children while the other pursued a career or advanced education
• If one spouse provided the sole income while the other went back to school or developed a trade skill
• Each spouse’s wishes in regards to the real estate, vehicles, jewelry, furniture, time shares, etc.
• If children would have to move from the current family home
• If one spouse owns a business or practice

When it comes down to it, the judge is simply looking for a fair way to divide the assets and debts between the spouses.  However, as you can imagine, this can become very complicated and hotly contested when the parties involved have conflicting opinions over how the debts and assets should be divided.

If you are going through a divorce, Jacksonville divorce attorney Scott Ellerin can make sure your wants, needs, and concerns are understood and acknowledged by the judge, and protect your rights and best interests throughout the divorce process.  If you are interested in scheduling a consultation to discuss your case, please contact Scott Ellerin today or click here to fill out a free case evaluation.