Earlier this week, we wrote about the recent revelations of unfaithfulness and the separation between Arnold Schwarzenegger and Maria Shriver.

As we noted, some sources have said the celebrity couple is still looking to work on their relationship, but it has also been reported that Maria has already retained a high profile divorce attorney. Whether the couple will eventually divorce or not, it is interesting to consider the financial implications of their situation.

Because both Shriver and Schwarzenegger brought substantial wealth to their marriage, it is unlike many high asset divorces where one party carries most of the wealth. According to sources, the couple may have a net worth between $200 million and $400 million.

The key question is how property would be distributed in the event of their divorce. California is one of ten states who use the community property approach to property division. Community property states also include Arizona, New Mexico, Texas, Washington, Idaho, Louisiana, Nevada, Wisconsin, and Alaska.

Community property is money earned or acquired during the course of the marriage and co-owned by both parties. It doesn't matter who earned the money or whose name is on the title. Money that has been given to an individual through gift or inheritance belongs to the individual, provided it remains only in that individual's name. Commingling separate assets in a joint account, for instance, would result in community property.

Community property is divided equally between parties in the absence of another agreement. Pre-nuptial agreements are a common type of agreement that can displace the equal division rule. It isn't known whether Schwarzenegger have an agreement already in place concerning property division, but that could make all the difference as to how their assets are divided.

Missouri, not a community property state, uses an approach called equitable distribution, in which property is divided in a more flexible way based on a number of factors including earning potential, amount of separate property, value contributed to the family, economic fault, duration of the marriage, age and health of the spouses, abuse or infidelity, and financial needs of the children.

Source: Money Watch, "Maria Shriver & Arnold Schwarzenegger Divorce: $400 Million at Stake," Jill Schlesinger, 18 May 2011.