The more marital assets a couple owns, the more likely the property will become part of a contested divorce. The financial stakes are higher in a high-asset break up. Divorce for a wealthy couple often means lengthy negotiations and multiple trips to court to resolve asset disagreements.
Such was the case with the ex-president of Yahoo, who split from her husband five years ago after sharing three children and 15 years of marriage. Four years of publicly-recorded accusations of spousal unfaithfulness, asset mismanagement, drug use and secret electronic surveillance ended when the ex-spouses resolved their divorce differences one day before a scheduled trial.
Assets, not child custody issues, were not at the center of the couple’s argument. The spouses accumulated valuable real estate during their marriage, including a house and condo valued collectively at $11 million.
The 49-year-old former president of Yahoo abandoned the couple’s marital property three years ago. The ex-husband, a 52-year-old retired investment banker, remained in the residence during the divorce litigation.
A court signed off on the couple’s 15-page agreement that finalized the $70 million asset division between the ex-spouses. The couple’s shared real estate investments will be sold and the profits divided.
The former spouses agreed to split stock investments and sell off an expensive sports club membership, while retaining three others. Each spouse will receive $750,000 from a disputed investment account. The negotiated divorce settlement also included an agreement to maintain a $2 million trust fund for the children and a separate education fund for an equal amount.
The terms of the contract require that neither spouse seeks alimony. Spouses will be responsible for their own legal fees.
Legal representatives for the ex-spouses, who did not meet in court to hear the divorce plan approval, said the couple concluded that several years of divorce warfare should end for the sake of the children. The court applauded the couple’s “maturity and judgment” in coming to an agreeable, lasting settlement.
Source: mercurynews.com, “Ex-Yahoo president and husband agree to split millions in final divorce settlement,” Gary Klien, April 23, 2012