The divorce between former New York Governor Eliot Spitzer and his wife Silda Wall Spitzer, which was initiated by the couple in January 2014, has finally been resolved. The dissolution of the couple's nearly 27 year marriage comes 5 years after the former Governor admitted to patronizing high-priced prostitutes.
According to a statement issued by a spokesperson for the couple, the divorce was uncontested. Additionally, Radar Online, The Huffington Post and other media outlets have reported that the issues of the couple's divorce were resolved according to the terms of a Post-nuptial agreement drafted in September 2013. The terms of the couple's post-nuptial agreement addressed issues such are equitable distribution of the couple's assets, spousal support, and the support of the couple's three daughters.
Regarding child support, because the couple's three daughters are all above the age of 18, Eliot Spitzer will not be obligated to pay child support. However, the couple's two younger daughters, Sarabeth and Jenna, who are 20 and 18 years old respectively, will have their expenses covered by their father and will receive an allowance from him until they reach the age of 21. The couple's eldest daughter, Elyssa, is not eligible for financial support per the post-nuptial agreement, as is she is already above the age of 21.
On the issues of spousal support and equitable division, the post-nup purportedly awards Silda Spitzer millions of dollars in assets. Specifically, Silda Spitzer is to retain the couple's Fifth Avenue home and Eliot Spitzer is to pay Silda's living expenses at a level sufficient for to maintain her marital standard of living, her health care expenses, and provide her with $100,000 annually to donate to charity. The terms of the post-nup also require Eliot was to pay Silda $1 million within 180 days of their separation, $1 million upon the service of their divorce judgment, and $500,000 per year for up to six years after the divorce. These payments are all in addition to the $240,000 per year he is to pay to Silda in spousal support until she remarries or dies.
Not only did the Spitzer's post-nuptial agreement address the financial issues of the couple's divorce, the agreement also outlines the public statement the couple is allowed to make concerning the divorce and limits the details the two are allowed to divulge concerning the couple's divorce and marriage. As illustrated by the use of a post-nuptial agreement in the Spitzer divorce, post-nuptial agreements may be particularly useful in divorce, because they limit the time and resources the parties must expend settling the issues of divorce. Like premarital agreements or pre-nups, post-nups are agreements entered into by both parties that address the four issues of divorce: equitable division, child custody, child support and alimony. Additionally, post-nups may also address other issues such as inheritance and estate matters. The major difference between pre-nups and post-nups is that post-nuptial agreements are entered into after a couple is married. For more information concerning post-nuptial agreements in Georgia, contact a member of our Atlanta Divorce Team.