File Photo by: zz/KGC-502/STAR MAX/IPx 2023 3/27/23
A long, short love story has come to an end. Ben Affleck and Jennifer Lopez have officially filed for divorce more than twenty years after they first stepped out in public as a couple.
What will happen to their millions of dollars in assets now that they are officially splitting?
A Long, Short Love Story
The love story of Jennifer “J. Lo.” Lopez, 55, and Ben Affleck, 52, has been in the news for more than twenty years. The couple met in early 2002 while filming the movie Gigli. At that time, Lopez was married to her second husband, Cris Judd. She split from Judd shortly after meeting Affleck, and by November 2002, Affleck and Lopez were engaged.
At that time, the couple was at the center of a paparazzi frenzy, which they said impacted their relationship. They were to be married in September 2003, but they delayed the wedding and eventually separated in January 2004.
Then, decades later, the couple finally had their wedding. After reconnecting in April 2021, the couple eloped and was officially married on July 16, 2022. They held a marriage celebration with family and friends on August 20, 2022.
Exactly two years later, the twenty-year love story ended. Lopez filed for divorce on August 20, 2024.
Related: How to File for Divorce in Florida
The Start of the Divorce Process
On the two-year anniversary of their wedding celebration, Lopez officially filed for divorce. Since the couple resides in California, the case was filed in that state and will abide by its laws.
According to reporting by Cosmopolitan, Lopez did not ask for spousal support in the filing. She also asked the judge to deny support for Affleck. In the filing , Lopez wrote that the couple’s assets were “unknown” and that their official separation date was April 26, 2024.
Once divorce papers are served, the spouse who was served has twenty days to file an answer and determine whether they want to participate in mediation or court hearings to finalize the divorce.
Affleck and Lopez are reportedly working with high-powered divorce attorney Laura Wasser to mediate their divorce. The two stars reportedly didn’t sign a prenuptial agreement, so millions of dollars in assets are at stake in the divorce.
Related: 6 Ways to Prepare for Divorce Mediation
Splitting Up Millions in Assets
Under California family law, income and assets acquired during a marriage are considered joint property and are subject to division in divorce, unless there was a prenuptial agreement.
The millions of dollars that Lopez and Affleck earned during the years they were not married will not be considered in the divorce, but the assets acquired during their two years together will be.
According to People, in that time, they acquired a Beverly Hills mansion, which the couple listed for $68 million in July, and the couple has likely made millions through films and endorsements.
The couple does not have any children together so they won’t have to work out details related to child support and child custody, but they will have to determine how they will divide millions in assets.
Related: The 9 Things Not To Do During a Divorce Case
How to Split Up Marital Assets
Without a prenuptial agreement, the law requires a fair and equitable division of marital assets in a divorce.
Marital assets are considered to be:
- Assets acquired during the marriage
- Some retirement benefits acquired during the marriage
- The enhanced value and appreciation of non-marital assets
- Gifts given during the marriage
Assets that are not considered to be marital assets include assets acquired before the marriage, through inheritance during the marriage, or through a non-spousal gift during the marriage.
Couples can work together through mediation to determine how they want to split their marital assets. If they cannot come to an agreement, a judge may get involved and determine how the assets should be split.
If a judge was to get involved, they would split up assets based on factors such as length of the marriage, economic conditions of each spouse, each spouse’s contribution to improving marital or non-marital assets, and wrongful conduct during the marriage, among other factors.
Celebrities often prefer mediation as it does not leave a public trail of legal documents that disclose personal information. Reports indicate that Affleck and Lopez are hoping to finalize their divorce through mediation and out of the court. But with millions of dollars at stake, it could be a long process.
Related: How to Prepare for the First Meeting with a Divorce Attorney
Talk to an Experienced Divorce Attorney
A divorce can be stressful and difficult even when millions of dollars are not at stake. If you are going through a separation, talk to an experienced divorce attorney right away to determine the best path forward for you and your family.
Schedule a free consultation with divorce attorney TJ Grimaldi today. Schedule or call 813-226-1023 today.
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