When filing for divorce in Pennsylvania, both parties should take the time to make sure all stipulations they request are listed and that every "i" is dotted and every "t" is crossed. It can be easy to miss even the tiniest of details that might make the agreement invalid. One man in another state has found that his lack of paying attention to every element of his divorce petition will cost him much more than he originally thought it would.
The couple, who married each other twice over the past 16 years and have two children together, drew up an agreement a year ago that would give the wife $5 million each year for the following 12 years. She recently wanted the contract annulled because of some concerns, and it was discovered neither husband nor wife nor their attorneys had ever signed the agreement. The judge is now directing the couple to adhere to a prior agreement the two had drawn up in 2013.
The older contract has the husband paying his ex-wife an up-front amount of $11 million, with another $50 million over a period of four years. He is fighting the four-year deal, citing her current net worth to be around $120 million. He further claims she will be getting their $30 million apartment as well as $90 million upon his death, but the judge so far has not wavered. The sum of the husband's assets was not given in a report on the situation.
Whether the finances involved are immense, as in this case, or those of two people just trying to scrape by, it is important that every aspect of an agreement between the parties ending a marriage is meticulously inspected. Other factors, such as child custody and child support, may also need to be addressed and examined. Pennsylvania residents facing a divorce typically benefit from the support of an attorney who keeps up with the ever-changing laws and local court procedures concerning family law.
Source: New York Post, "Tycoon must pay ex $11M because he forgot to sign divorce papers", Julia Marsh, April 11, 2016