Madonna and Ritchie Divorce Settlement
The AP is reporting Madonna and former husband have agreed on a financial settlement, however custody arrangements for their two children have not been decided. Madonna’s representative Liz Rosenberg released a statement today stating that the pop star will pay her ex between $76 million and $92 million. The figure includes the value of their country home Ashcombe, in western England, as well as the couple’s London pub, the Punchbowl. It is reported to be one of the largest payouts ever in a divorce settlement.
Indeed, the divorce settlement could rank as one of the largest payouts in history and may top McCartney’s $60 million divorce from Heather Mills.
Madonna and Ritchie were granted a preliminary divorce on November 21, 2008. The divorce will become final in January, assuming neither party contests it. Madonna reportedly plans to move back to New York after her “Sticky and Sweet”tour has ended and has wanted to get rid of her London assets for some time. In a declining market, this type of settlement is advantageous to both parties.
In general, if people can settle a portion of their divorce it is in their best interest to do so, even if it leaves other issues on the table. It is not unusual for parents to be able to agree on the terms of custody, but not a division of assets, or vice versa. It is always helpful, and less expensive, to be able to narrow the issues that are litigated. That way if you do have to go to court you can focus on the issues that are not settled, as opposed to having to cover topics that both parties have already agreed on.