After much speculation, Reese Witherspoon finally reveals that she is getting divorced

There seems to be a lot at stake, including financial assets and child custody.

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From the moment she appeared on the big screen, Reese Witherspoon became America’s favorite blonde. She starred in a number of movies, but it seems like the role in Legal Blonde was a breakthrough for the young actress.

The portrayal of country music legend June Carter Cash in Walk the Line brought Reese an Oscar for best actress in a leading role.

Reese became a mother at a young age. When she and husband Ryan Phillippe got Ava, she was 23 years old. The couple met two years before they tied the knot in 1999. Four years later, they welcomed their second child, son Deacon.

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In 2011, she tied the knot with her second husband, talent agent Jim Toth. She has always spoken fondly of him, saying that he has been extremely supportive and helping, even giving her ideas of turning books into movies.

Their marriage seemed picture-perfect, but there were rumors that things haven’t been the best between them recently, and sadly, those rumors turned to be true as the actress and Jim are getting divorced.

In a joint statement shared by the couple, they explained, “We have some personal news to share… It is with a great deal of care and consideration that we have made the difficult decision to divorce. We have enjoyed so many wonderful years together and are moving forward with deep love, kindness and mutual respect for everything we have created together.”

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Reese and Jim, who were together for 12 years, share one son together, 10-year-old Tennessee James. The couple explained, “Our biggest priority is our son and our entire family as we navigate this next chapter.” They added: “These matters are never easy and are extremely personal. We truly appreciate everyone’s respect for our family’s privacy at this time.”

According to Forbes, Reese’s net worth is approximately $430 million. In addition, the couple has made quite a bit of money with real estate so there is a lot at stake when it comes to finances in this divorce.

According to a source close to the family who spoke to People, “There’s no drama. This is so hard for both of them. There’s no drama. These decisions are so difficult when there is so much friendship and love there.” The source added that despite the divorce, the former couple “still plan to work together in various capacities as they’ve done in the past.” Jim, for once, is a founding board member of his now ex-wife’s clothing line, Draper James.

According to Marilyn Chinitz, a matrimonial and family law attorney at Blank Rome in New York, Reese and Jim have obviously figured out a smart way of dealing with their shared finances and there won’t be any issues between them when it comes to money and assets. As of their son’s custody, Chinitz, who is not involved in the couple’s divorce, believes they would be cooperative. “I think they ought to be applauded for the way they’ve handled their divorce,” she added.

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