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Former governor to pay ex-wife $7.5M

For many Michigan residents, the politician turned CNN host, Eliot Spitzer was an unknown until his involvement in a high-class prostitution ring made headlines in 2008. At that time, the state governor gained national attention when he held a press conference to apologize to his constituents where he admitted to his adulterous actions. During that press conference, his wife Silda Spitzer stood silent by his side, a decision for which she was openly chastised.

Fast forward to 2014 and Silda Spitzer finally appears to be reaping the rewards of playing the role of a dutiful politician's wife. The now 54-year-old Spitzer met his future wife in 1987 when they both attended Harvard University. The couple eventually married and welcomed three daughters while Spitzer's politician career blossomed.

Spitzer, who grew up wealthy as heir to a successful real estate empire, was eventually elected as a state governor. However, in 2008, after about one year in office, his political aspirations appeared to be in jeopardy when it was revealed he'd spent some $100,000 on high-class prostitutes.

While the incident didn't immediately result in the demise of the couple's marriage, the two quietly divorced in February of 2014. More recently, details related to the couple's divorce settlement became public and it appears as though Silda will be handsomely rewarded for her years of loyalty and silence.

As part of the divorce settlement agreement, the 56-year-old will receive a total sum of $7.5 million. Some $2 million of the settlement is to be paid in a lump sum and another $240,000 awarded each year until Silda either remarries or dies. Additionally, the former Mrs. Spitzer will retain ownership of a luxury apartment and joint ownership of a sprawling estate. Spitzer must also pay expenses related to his ex-wife’s accountant, housekeeper, assistant and charity donations. The former governor must also continue to pay his ex-wife's medical and dental insurance costs as well as those of his three daughters in addition to their educational costs.

While most Michigan residents don't have the amount of wealth enjoyed by the Spitzers, many divorce cases involve spouses with disparate incomes. In cases where one spouse's income is considerably more than that of an ex-spouse, he or she may be required to make certain concessions related to the division of assets and property as well as pay spousal support.

Source: The Daily Mail, "Eliot Spitzer's ex-wife Silda gets $7.5m in divorce deal along with $240,000-a-year for life and Fifth Avenue home," Louise Boyle, April 28, 2014

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Former governor to pay ex-wife $7.5M | Peter A D'Angelo, Attorney at Law, PLC