Financial stability is at the forefront of many people’s minds when considering a divorce. While this is an understandable concern, coming out in the red after a divorce settlement seems to be a popular divorce myth that isn’t always true. Instead, some Illinois couples may actually fare better afterward.
As some may have already heard, actor and comedian Nick Cannon plans to file for divorce. Although the allegations have not always come from his singer wife, Mariah Carey, rumors of Cannon cheating may have influenced the decision to split up. Both Cannon and Carey each have a relatively high net worth, with Carey topping out at around $510 million.
Cannon, roughly worth only $20 million, has apparently spent a significant amount of money on his soon-to-be ex. Those close to the couple report that Cannon purposely sought out more jobs to keep up with Carey’s supposed extravagant taste and love for getting away to the spa. Simply for working on the hit TV show “America’s Got Talent,” Cannon draws in $70,000 for every episode that he appears in. While Cannon is currently worth much less than Carey, his finances could stand to improve from the impending divorce.
While dividing assets in a divorce, debts must also be split up. If one spouse vastly out earns the other, that party may be more likely to end up with a higher portion of the debt. In other instances, if a marriage has lasted long enough, the spouse that earns more might owe the other alimony. No matter the myths that surround divorce, financial ruin is not the outcome of every divorce in Illinois. A carefully crafted divorce settlement and fair distribution of assets can ensure that both parties walk away on a financially stable ground.
Source: travelerstoday.com, “Nick Cannon Net Worth Not Affected By Divorce From Mariah Carey? ‘America’s Got Talent’ Host Net Worth Higher Than Estranged Wife?“, Oct. 26, 2014