Experiencing a divorce is a stressful and chaotic time of a person’s life. As unpleasant as most divorces are, sometimes passions can become even more enflamed during this process when there are substantial assets to be divided between the parties. A case in point is the recent divorce of the former Governor of New York, Elliot Spitzer, from his wife of 26 years, Silda Wall Spitzer.
Most people remember Silda as the woman who stoically stood by her husband as he endured a sex scandal in 2008 which threatened both his marriage and his career. The couple met at Harvard and later married in 1987. As part of the terms of the complex asset divorce settlement, Eliot Spitzer will pay his ex-wife Silda $7.5 million. Additionally, she will retain possession of their home, and receive $240,000 from him each year. Other terms provide for Eliot to pay for a new car for Silda every five years, and an additional stipend up to $100,000 for her to give to the charity of her choice.
The couple have three daughters, all 18 years or older, but it is unclear as to whether Eliot and Silda have agreed upon terms regarding their kids.
This case is a reminder that an experienced legal professional is absolutely vital at assisting people experiencing a divorce in which persons with high net worth are involved. Silda seems to have received a very favorable settlement and should enjoy a comfortable and secure financial future. If you know someone who is facing a similar situation you should inform them that it is always in their best interest to act prudently with regard to the long-term financial outcome of their divorce.
Source: New York Daily News, “Silda Wall Spitzer gets $7.5 million divorce payout” Leslie Larson, Apr. 28, 2014