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Kelsey Grammer's divorce reaches expensive settlement

Actor Kelsey Grammer, best known for the TV shows "Cheers" and "Frasier," has reached a settlement in his divorce from ex-wife Camille Grammer, a reality television personality. Camille, who currently stars in "The Real Housewives of Beverly Hills," will reportedly receive half of Kelsey's earnings, which amounts to $30 million. The high-net worth divorce settlement also includes terms and agreements regarding the asset division and the split of marital property.

When Camille met Kelsey, he was broke, according to some sources. During the time they were together, they gathered $60 million in assets as a couple, including three homes. She was reportedly supporting him during a period of drug addiction and helped to get his finances in order.

When couples divorce, they must divide their property fairly. California, where the Grammers lived, is a community property state, meaning that any assets acquired during the marriage are split evenly, unless another agreement, such as a prenuptial agreement, is in place. In Missouri, courts decide how to divide the assets, based upon the conduct of the spouses during the marriage, the contributions they made to income, and a number of other factors.

Property that can be split up during a divorce includes homes, cars, furniture and collections, such as artwork. Money earned during the marriage can be split as well. Intangible items, such as stocks and bonds, can also be divided between the former spouses. However, debt can be distributed equally as well. Assets acquired before and after the marriage are not subject to community property laws.

Source: Examiner.com, "Camille Grammer divorce settlement costs Kelsey Grammer $30 million," Bruce Baker, Sept. 6, 2012

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