In what could very well turn into a high asset divorce, musical entertainer Seal and supermodel Heidi Klum announced that they are separating this week after almost seven years of marriage. The couple released a joint statement saying that the decision had been made after "much soul searching."

Property settlement can quickly become a contested issue in any divorce. Oftentimes, both parties want their fair share, but each party has a different definition of the meaning of "fair." When significant assets are involved and there is no prenuptial agreement, the division of assets can become even more complex and challenging.

There has been speculation that Seal and Klum have a prenup, which would lay the ground rules for their property settlement. A recent article from E! Online suspected that the couple's prenup likely keeps all individual business projects as separate income.

If there is no prenup, all income and assets earned during the marriage would be considered marital property to be split evenly upon divorce. This is because the couple lives in California, which is a community property state.

Florida is an equitable distribution state, which means that all marital property is to be divided in a fair and equitable manner upon divorce. However, issues commonly arise in the process of determining what assets are marital property and what is "fair and equitable" distribution.

Spousal maintenance is another potential issue if Seal and Klum move forward with a divorce. Because Klum is the higher earner, it is possible that she could be ordered to pay Seal spousal support. Of course, a prenup could set the guidelines for that as well.

Sources: E! Online, "If Heidi Klum and Seal Divorce, Will He Get His Flippers on Her Millions?," Leslie Gornstein, Jan. 23, 2012; USA Today; "For Seal and Klum, a red flag of overt affection," Olivia Barker and Donna Fredylin, Jan. 23, 2012