Redstone and Wife to End Marriage
Sumner Redstone, the 85 year old business tycoon and his wife of just over five years, Paula Fortunato, have decided to end their marriage. Redstone announced the divorce in a statement released yesterday, “After 5 1/2 years together, we have amicably ended our marriage, while this is a difficult decision for both of us, we remain close and supportive friends and are committed to each other’s continued happiness and success.”
Fortunato, the 46 year old former New York school teacher, will receive at least $5 million according to the couple’s prenuptial agreement. The pre-nup is said to be iron-clad and the LA Times reports that is $1 million for every year of the marriage.
The couple claims to be parting amicably, but those close to the couple have said the they have had problems for the past year and Redstone asked Fortunato to leave their LA mansion. Redstone’s family is also said to be very happy about the split from the much younger Fortunato.
In this case, the prenuptial agreement worked to both parties advantage. Not only did it save them both time and money, but the recent turbulence in the financial markets has had a negative impact on Redstone’s fortune. It is probable that the recent decline in his net worth encouraged both parties settle quickly, in that Redstone wants to focus on shoring up his financial status, and Fortunato likely saw no point in trying to contest the prenup if Redstone’s net worth is less than what is was when they got married.