Pennsylvania music aficionados may recognize the hip-hop record label owned by Master P — No Limit Records. The record label owner’s wife has filed for divorce and is apparently receiving welfare assistance to survive. According to papers filed by her, her estranged husband is worth an estimated $200 million, and she and the couple’s four children are living with her eldest son.
Master P’s estranged wife asserts that she and her husband built the record label together during their marriage. According to her, they had nothing when they first married. Now, she is fighting for what she is entitled to under the law.
When Pennsylvania couples end their marriage, one of the issues to be dealt with is the division of property. Many people assume that the property will be divided equally, but that is not always the case. If the court makes the decisions as to how to divide the couple’s property in a divorce in our state, it will do so based on the concept of equitable distribution.
This means that a couple’s marital assets will be divided in a fair manner, which may not necessarily mean an equally. The first thing the court will do is determine what property the couple acquired during marriage. Some property may be deemed separate property if it meets certain criteria. Even then, if separate property increases in value during the marriage, the amount of the increase may be considered a marital asset to be divided during the divorce proceedings. Ultimately, however, the court’s determination should not leave one party with the majority of the assets while the other spouse receives little to nothing.
Source: theurbandaily.com, Master P’s Estranged Wife Forced To Live On Welfare, Jonathan Hailey, March 14, 2014