Deciding who gets what in the aftermath of a divorce is an important part of the process, but one that can often lead to a dispute. When people have been married for a long time, or when their assets are great, there may be a lot of shared property. Other factors, such as prenuptial agreements, also come into play during divorce negotiations. In New York, a former governor is expected to pay a hefty settlement to his former spouse.
Having met during their college days and been together ever since their marriage in 1987, the couple have been through thick and thin. The wife of the former highest elected state official remained at his side despite his highly publicized involvement in a prostitution ring that came to light in 2008. The couple began divorce proceedings this past January.
The distribution of more than $7 million is the result of the postnuptial agreement he has with his ex-wife, with whom he has three adult daughters. She is scheduled to receive the family home on Fifth Avenue, as well as close to a quarter of a million dollars annually to help with her expenses. This money is to be paid until her death, unless she remarries. As a further part of the settlement, additional expenses that include health care are also to be covered. She also sought and was granted an annual sum, not to exceed $100,000, which can only be earmarked for charitable gifts.
This tale of high-asset divorce has captured the attention of New York’s media and demonstrates how high the divorce stakes can be. If you and your partner are considering a fresh start, you will eventually need to decide on how to divide your assets. Reaching such an agreement can be difficult to do alone, but an attorney may be able to help to ease the process and ensure that you receive your fair share of assets.
Source: The Huffington Post, “Eliot Spitzer To Pay Ex-Wife Silda Millions In Divorce Settlement,” Brittany Wong, April 28, 2014