The massive policy first made headlines when it was discovered that it was taken out in secret.
Jessica Simpson’s father, Joe Simpson, first made life insurance headlines when it was discovered that he had taken out a major life insurance policy on his daughter.
Now, that coverage will be split in the divorce between Joe and Tina Simpson.
If he had intended to be able to keep the life insurance to himself, he lost that opportunity as assets are being divided in his divorce proceedings. Now that the couple has finalized the divorce, it appears that they have essentially split everything down the middle, including this coverage on their daughter.
The cost and the benefits of the life insurance policy, among other things, will be shared.
Beyond the life insurance policy on Jessica Simpson, they will also have to split the management fee interest on Jessica as well as Ashlee Simpson. It has been estimated that the policy was worth approximately $4.5 million.
The couple has also been able to divide the rest of their property and assets and have come to an agreement on each element. Joe, it seems, will be keeping half of the life insurance policy, as well as all of his personal belongings and bank accounts, and half of their home in Sherman Oaks. He has also come away with a number of stocks, as well as a 2011 Mercedes S63 and a 2012 Mercedes SLS.
On the other hand, Tina, will have the other half of the life insurance policy on her daughter, as well as the Waco house. She will have a 2011 Porsche 997 coup, a 2010 Range Rover Sport, and more than ten bank accounts, among the additional things that are now exclusively hers.
At the beginning, this split looked as though it was going to be a very messy one, but with the closure of the final details such as the life insurance policy division, it has now all been settled so that they will be able to put it behind them. Jessica Simpson has yet to make a statement regarding her own thoughts on the policy that had been purchased for her.