Pennsylvania movie fan’s may remember when Reese Witherspoon and Ryan Phillippe divorced. According to a recent report, after they separated, the couple maintained joint ownership of a property in Los Angeles after the divorce. Witherspoon and Phillippe kept the property through renovations and through an economic downturn. When they finally sold the pricey duplex, they pocketed $266,500.
The profitable sale came after both members of the former couple lost money on the sales of private homes. Witherspoon lost over $800,000 on the sale of a California ranch where she married her new husband. Phillippe had a Zen-inspired home that he sold at a loss of over $1 million dollars. Though the monetary losses may be substantial, the couple is well-equipped to handle them. Both are well-paid, and Witherspoon was recently named to a Most Overpaid Actors list.
The property the couple sold was originally purchased in 2005 for $1,173,500 and included 4 bedrooms and 4 bathrooms. It was listed in December 2013 for $1,395,000, and it sold about 18 days later for about $45,000 over the asking price.
The case of Witherspoon and Phillippe shows that amicable asset division may result in positive profits in the future. However, many divorces result in disputes between the involved parties, resulting in tension and difficulty negotiating an equitable agreement. The disputes may also spread to other aspects of divorce, including support payments and child custody. A lawyer working with one of the parties of a divorce may be able to help a client reach an amicable divorce agreement.
Source: Forbes, “7 Years After Divorcing, Reese Witherspoon And Ryan Phillippe Sell Shared Los Angeles Investment Property“, February 07, 2014
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