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Dennis Quaid and wife to divorce in Texas; many assets at stake

March, as we noted earlier, is a significant month for divorce filings. Now come reports that actor Dennis Quaid's wife Kimberly Buffington Quaid filed for divorce in Texas on March 2. According to Kimberly Quaid's divorce petition, the marriage cannot continue due to "discord or conflict of personalities." Their union produced a cherished set of twins, a documentary inspired by their experience with the healthcare industry, and many valuable assets that will now factor into their divorce settlement.

The slew of luxury assets at stake in the divorce includes two residences in Texas, a Mercedes, a Cadillac Escalade, and a Range Rover. Divorce papers reveal that the Range Rover will be shared, while the other cars and homes will be divided. An Austin real estate agent when she met her famous future husband, Kimberly Quaid also seeks attorney's fees and spousal support.

The couple's two children, however, are their most valued asset by far. A temporary custody order is currently in place, but the couple and their attorneys will still need to reach a long-term agreement. In many celebrity divorces, residual nastiness can spill over into custody concerns, so contemplating each issue -- assets and children -- as a distinct area can prove helpful.

A high asset divorce such as that of the Quaids requires cooperation and compromise at a time when both are difficult to maintain. But despite the complexities involved, a high asset divorce should not be unfamiliar territory to Dennis Quaid. The actor was married twice before he met his third wife: first to actress P.J. Soles, then to another actress, Meg Ryan.

Source: Albany Times Union, "Dennis Quaid's third wife files for divorce in Texas," March 10, 2012

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Attorney Christine K. Lincoln

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