Pizza is a popular food amongst many in Omaha, and many people have a preferred chain where they get their pies. Some fans of the pizza chain Papa John’s may be interested to learn that founder John Schnatter’s wife has taken legal steps to end their marriage of over three decades.
Schnatter’s wife filed for divorce on the grounds that their union was “irretrievably broken.” Schnatter and his wife had been married for 32 years, but they have been separated since the beginning of April. The couple may have already settled their property division issues, as Schnatter’s wife requested that a settlement agreement between the two be made part of the court’s decree. Although the value of Papa John’s stock has gone down recently, Schnatter’s net worth reportedly amounts to $500 million. Schnatter currently owns 19% of the business.
Property division in a high-asset divorce can be very complex. This is especially true when one or both partners own a business. Their ownership interest in the business must be valued, and it must be determined whether the business is part of the marital estate. Some business owners choose to enter into prenuptial agreements prior to getting married that address the issue of property division and the business, but even then, dividing a business in a divorce can raise complicated issues. Oftentimes many professionals must be consulted so that the end result is fair.
Many high-asset divorces such as the one between Schnatter and his wife tend to make headlines due to the sheer amount of money involved and the fame of the individuals involved. However, even those of lesser means can learn a lot from a high-asset divorce. After all, most divorcing individuals face property division issues, the prospect of alimony and potentially child custody and child support issues, no matter what their wealth. And, while many divorces are settled out-of-court, this is not true of every divorce. That is why it is important that those going through a divorce understand what their rights are, so they can make informed decisions.