On December 18, Bruce and Kris Jenner finalized their divorce in Los Angeles Superior County Court. Their settlement illustrates the complexity of dividing up community assets under California law.
When a couple divorces in a community property state, the court must determine whether each asset is separate property or community property. Separate property, which includes items owned before marriage, as well as gifts and inheritances made specifically to one spouse, does not have to be divided. Community property, which includes cash or physical items purchased with earnings during the marriage, must be split equally, regardless of which spouse is the high earner, unless they have a prenup that states otherwise.
The longer a couple has been married, the more likely it is that the majority of their assets will be considered community property. Bruce and Kris Jenner were married for 23 years and did not have a prenup to handle the distribution of their $60 million in assets. This meant that negotiating a settlement required carefully evaluating each asset to make sure both parties were treated fairly.
The Court determined that Kris was entitled to a much larger share of the community assets, including the family home, a 2014 Bentley, a 2014 Land Rover, and a 2012 Rolls Royce Ghost. Bruce was awarded a 2011 Porsche 997 Coupe, a 2013 Cadillac Escalade, and a 2007 Harley Davidson motorcycle. Neither party will be receiving spousal support. They are sharing custody of their 17-year-old daughter Kylie Jenner, but neither parent is required to pay child support.
As part of the settlement, Kris is required to pay Bruce $2.5 million to equalize the distribution of assets. Public documents show that she's already paid $1.5 million, with another $500,000 payment due by December 31. The remaining balance of $500,000 is due on June 30, 2015.
How Can We Help?
Please call our office at (626) 683-8113 or email us at info@PasadenaLawOffice.com if you are in need of legal representation or have questions about how California's community property laws will affect your divorce settlement. Our skilled Pasadena divorce attorneys can help you receive a settlement that will protect your long-term financial interests.