PayPal Co-Founder Elon Musk's Divorce Settlement Revealed
In typical tech fashion, Elon Musk announced his divorce from actress Talulah Riley earlier this year via Twitter.
Musk, the co-founder of PayPal and Tesla, met Riley at a British nightclub in 2008. The couple wed in September 2010, before divorcing less than a year later in July 2011. Musk reportedly proposed to Riley just weeks after filing for divorce from his first wife, reports The Huffington Post.
Musk's fortune is reportedly worth about $680 million. For less than a year of marriage, Riley will be getting a small share of that fortune according to a divorce settlement, TMZ reports.
Riley will reportedly receive $4.2 million from the Elon Musk divorce, according to TMZ. While this amount may seem like a lot, one must remember that the couple was together for about three years and married for almost one year. The $4.2 million is roughly 0.6% of Musk's total fortune.
Had Riley not settled with Musk, she could have received a larger award in court. Generally, a court will consider factors like the length of the marriage, standard of living, and the contributions of each spouse in amassing the fortune when considering how much should be awarded. However, by quickly settling the case, Riley avoided dragging out the divorce in public and still received a decent sum.
Per the terms of the divorce settlement, Riley will keep her Cartier watch, Gucci watch, some diamond jewelry, and her Tesla Roadster, reports TMZ. She also received $500,000 up front and an additional $900,000 right after her lawyers signed the judgment documents. The remainder of the settlement amount will be spread out over the next nine years.
It's unclear why Elon Musk and Talulah Riley structured their divorce settlement in such a way. If you are going through a divorce, you may want to contact an attorney and work out a settlement agreement where you and your former spouse do not need to maintain an ongoing relationship.
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