Rupert Murdoch, Wendi Deng Close to Finalizing Divorce (Report)

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The former couple in 2002.

The former couple is expected in court Wednesday morning.

Rupert Murdoch and Wendi Deng are close to finalizing their divorce settlement, The New York Times reported Tuesday, citing anonymous sources.

Murdoch and Deng -- who were married for 14 years -- are expected in New York State Supreme Court in Manhattan on Wednesday morning for a hearing, a courthouse clerk told The Times.

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The sources added that the negotiations have been amicable but could still fall apart. The couple had one prenuptial and two postnuptial agreements outlining the division of assets.

Among the issues being contested are the division of their residences, including a penthouse triplex on New York's Fifth Avenue that they bought in 2005 for $44 million as well as properties in Beijing, Australia, London and California.

The couple also has two daughters together: 11-year-old Grace and 10-year-old Chloe. In 2006, Murdoch stated in an interview with Charlie Rose that his youngest children would have equal economic interest in the family's trust, but wouldn't get voting power in News Corp. like Rupert's other children; Deng learned about this from TV and reportedly threatened to leave him. Deng and her two children have 8.73 million shares of class A non-voting shares of News Corp. stock, according to a report.

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Deng's attorney, William D. Zabel, declined to comment on the divorce talks, and Murdoch's lawyer, Ira E. Garr, was not available to comment.

Deng, a movie producer, was Murdoch's third wife. The couple wed in 1999 aboard his 155-foot yacht, the Morning Glory, in New York Harbor 17 days after his divorce from his second wife, Anna Maria Torv, became final. The yacht is up for sale.