On behalf of Stange Law Firm, PC posted in Property Division on Monday, January 7, 2013.
In Missouri, when it comes to property division in divorce, it can become quite complicated. In general, in cases where there is no prenuptial or postnuptial agreement, one spouse can end up walking away with quite a bit in marital assets.
Take for example the recent divorce of Buzz Aldrin from his wife Lois Driggs Cannon. The two were married for 23 years. Their divorce became finalized near the end of December. Cannon ended up receiving half of the 82-year-old’s fortune. She was his third wife.
Aldrin was the second man to set foot on the moon in 1969. At the time he was not married to Cannon. In fact, he did not marry her until 1988.
However, according to the divorce settlement, Cannon will be receiving $9,500 a month in spousal support and 30 percent of Aldrin’s annual income. Aldrin reportedly earns around $600,000 a year. She is also getting half of the $475,000 in his bank account.
Lastly, she will be keeping her 1988 Mercedes, the one with the personalized “Moon Gal” license plates.
For the average Missouri resident, while this type of fortune may not come into play when going through a divorce, how the division worked for Aldrin and Cannon is a lesson anyone can learn from.
Missouri is an equitable distribution state. This means that while typically assets and debts are divided 50/50, this is not always the case.
Due to the fact that property division can become quite complex in a divorce — especially in cases where there is real estate and high assets — it is crucial to talk with an attorney with experience handling the division of marital property and debt. This can especially help when seeking something other than a 50/50 split.
Source: New York Daily News, “Astronaut Buzz Aldrin loses half his fortune in divorce settlement with third wife,” Christine Roberts, Jan. 7, 2013