Property division is one of many issues that must be addressed during the divorce process. It is important to have the help of an experienced Massachusetts divorce attorney during the property settlement process, as it will affect your finances for years to come.
Although the divorces of the rich and famous often make headlines, many of the issues that arise in their divorces are not too dissimilar from Worcester residents. For instance, it was recently announced that 82-year-old Buzz Aldrin - the second man to walk on the moon - finalized his third divorce on December 28th.
The property settlement between the famous astronaut and his third wife leaves his ex with nearly half of his fortune. It's reported that she will receive half of his $475,000 bank account and half of any annual profits from his numerous businesses. She is also set to receive $9,500 per month in spousal support and 30% of his annual income. The couple had been married for 23 years. They do not have any children.
In Massachusetts, state law calls for an equitable distribution of property. However, property division is negotiable and does not necessarily call for an equal division of assets.
Property settlement agreements address a wide range of issues. There is generally a classification between marital property and separate property. A property settlement agreement also addresses the allocation of joint debts and liabilities. If the divorcing couple previously entered into a prenuptial agreement, this often helps to expedite the settlement process.
Source: New York Daily News, "Astronaut Buzz Aldrin loses half his fortune in divorce settlement with third wife," Christine Roberts, Jan. 7, 2013