Mick Fleetwood, the frontman of the legendary rock group Fleetwood Mac, is separating from his third wife, Lynn Frankel Fleetwood after 13 years of marriage. Citing irreconcilable differences, Fleetwood is headingback to the single life.
Fleetwood is seeking joint custody of the couple's 11-year-old twin daughters. He is, however, conceding that primary physical custody should be with Frankel Fleetwood (maybe he's not quite ready to give up the rocker lifestyle?).
Under Canada's Divorce Act, Fleetwood's claim would mean that he would jointly make all major decisions regarding the children, with their mother, however, the children would primarily reside with her.
Due to the long-standing nature of Fleetwood's career, equalization of net family property may be an area where his soon-to-be-ex may not be too pleased with how the cookie crumbles. In Canada, equalization involves the division of the value of the net family property acquired during the course of the marriage, and owned on the date of separation.
Unfortunately for Frankel Fleetwood, however, Fleetwood Mac was formed in 1967, and therefore a good chunk of his assets, such as music royalties, concert revenues and marketing memorabilia, were acquired before their marriage.
What does that mean?
Subject to certain exceptions, Fleetwood would not have to share the value of those assets as of the date of marriage!
All in all, Frankel Fleetwood is probably now wishing she was not the third ex-wife.