Ohio’s version of a no-fault divorce is called a dissolution. Spouses aren’t required to blame one another to obtain a divorce, but there are conditions. A Columbus couple must separate and work out all the details that will affect their post-marital lives. Notice how many issues are financial ones: marital property division, spousal support and child visitation, support and custody.
Couples in fault divorces eventually also must resolve these matters. So, why don’t spouses leave the blame behind and move forward without extended, expensive litigation? Spouses in High Asset divorces may feel individual property interests are compromised through dissolution.
Eliot Spitzer was a wealthy man before he entered politics, thanks to his family’s fortune. Spitzer succeeded in becoming a state attorney general in 1999 and later ascended to the governor’s chair. The New York governor resigned in 2008, after reports surfaced Spitzer frequented expensive prostitutes.
During the scandal, Spitzer’s long-time wife Silda stood by her husband. The end of the couple’s marriage was announced last year, after Spitzer lost a bid to become New York City’s comptroller. The divorce was granted in February.
Although the spouses signed a confidentiality agreement, news sources recently claimed to know details of the Spitzers’ divorce settlement. Silda reportedly won rights to keep the couple’s former Fifth Avenue home and receive a new vehicle every five years. Eliot Spitzer agreed to provide Silda with a $100,000 allowance for charity, money for entertaining guests, an additional $240,000 and a lump sum of $7.5 million.
Eliot Spitzer’s net worth is estimated at more than $46 million. Court papers said the former politician earned over $4 million in 2012. During the same year, Silda took in $112,000.
No one wants to be in a disadvantageous position during a divorce. Obviously, fault can act as leverage during negotiations for assets. However, divorce agreements must be fair, and lawyers for high-profile couples work to ensure they are.
Source: U.S. News & World Report, “Report: Spitzer Pays More Than $7.5M in Prostitution-Related Expenses” Steven Nelson, Apr. 28, 2014