Could Gwyneth Paltrow and Chris Martin be divorcing?

In what is arguably the first major celebrity break up story of the year, actress Gwyneth Paltrow and her husband, Coldplay frontman Chris Martin have announced that they are separating. According to a recent USA Today report, the couple made the news public through Paltrow’s lifestyle website GOOP.com.

In a blog post entitled, “Conscious Uncoupling,” the couple explained how they sadly decided to go their separate ways. They also explained that they had been working on their marriage for more than a year and that they will still love each other even though they are breaking up.

The couple has two children together; a daughter, Apple and a son, Moses.

While no divorce petition has been filed yet, it remains to be seen whether there will be any debates or conflicts regarding marital property, especially debts, as well as custody and parenting time of their two children. With a number of celebrity divorces, a joint petition that is accompanied with a settlement agreement is submitted to the court for filing. This way, a large portion of litigation can be avoided.

For couples who are not famous celebrities, this process can be beneficial. Of course, the financial benefits cannot be ignored. Litigation costs money, and a great deal of it can be saved by simply reaching agreements before filing a divorce petition. Further, relationships can be deteriorated through protracted litigation. Finding amicable solutions can help in preserving these relationships, whether they are co-parenting bonds or parent-child relationships.

In the meantime, we will see how the Paltrow-Martin divorce proceeds.

Source: USA Today “Gwyneth Paltrow, Chris Martin announce their separation,” Arienne Thompson, Mar. 25, 2014