High asset divorces are not uncommon in Hollywood where celebrities and entertainers can earn millions of dollars per year in wages, endorsements and sponsorships. Floridians who keep up with entertainment news may marvel at how multiple homes, jewelry, cars and other assets are precisely divided so that entertainers and their spouses each emerge with a fair portion of their shared wealth.
Actor Dennis Quaid and his ex-wife took an interesting turn with regard to how their settled their negotiations over alimony. Although Quaid will still pay his ex a monthly amount in child support for the benefit of their twin 10-year-old children, he will have to pay his ex a lump sum of $2 million to settle her request for alimony. Alimony is money that one person pays to their ex following their divorce for the support and maintenance of the recipient.
Lump sum alimony payments are not unheard of, though in many divorces a paying spouse is committed to making monthly payments to their ex, just as Quaid will do with his child support obligation. Quaid’s child support obligation is subject to change per the terms of the settlement agreement, where if he earns more than a threshold amount in a given year, he will have to provide his children with more financial support.
The high asset divorces of celebrities that reported through the media give Florida residents a glimpse into the different ways that family law matters may be resolved. Readers who wish to learn more about alimony, child support and other divorce-related matters, family law attorneys are excellent resources for consultation and legal guidance.
Source: people.com, “Dennis Quaid’s Ex-Wife Gets $2 Million Spousal Support Lump Sum in Divorce Settlement“, Mike Miller, Apr. 27, 2018