As reported by the Santa Cruz Sentinel, and other news sites, a multi-million dollar divorce settlement has been made between former Yahoo executive, Susan Decker, and her estranged spouse, former investment banker, Michael Dovey.
The agreement between the two came in the night before their case was headed to trial. The final divorce settlement was filed on April 23.
The former couple have come to a decision, though "acrimonious", in dividing their shared assets that include the sale of their homes in Belvedere and Laguna Beach.
When one of Dovey's attorney's presented the agreement to Judge Verna Adams in Marin Superior Court, she said it was akin to the "Treaty of Versailles." The judge then read the 15-page agreement, signed it off and said, "Congratulations. Today's trial is vacated. They showed a lot of maturity and judgment to take their destiny into their own hands."
Neither Decker, 49, nor Dovey, 52, appeared in court. The couple, married in 1992, had already settled about $50 million in assets and claims. The final court documents accounted for the remaining approximate $20 million in assets.
Child custody was also settled previously. The couple had three children in the course of their marriage that are now between the ages of 9 and 14.
The settlement, four years in the making, was riddled with mudslinging from both sides. Decker accused Dovey of drug use, infidelity and fiduciary misconduct. Dovey, for his part, also claimed that Decker abused drugs and was unfaithful. Dovey also accused Decker of electronic bugging.
After the settlement the couple issued a joint statement that read, "As in any acrimonious divorce, certain statements were made by the parties in the process of litigation that were reckless and inaccurate. We deeply regret this. We have three amazing children and we share the important task of raising them responsibly and lovingly. For their sake, we want to put this matter to rest once and for all and have settled all matters in this case."
At the time of the divorce filing in 2007 the couple's collective assets were over $70 million.
Of the two homes to be sold and the assets divided, the Belvedere home is valued at $5 million and the Laguna Beach vacation condo at $6 million.
The couple also shared memberships at various golf and yacht clubs, some are to be sold and others retained.
A shared investment account will be divided, with each receiving $750,000, with a remaining $2 million allotted for their children's expenses and school tuitions.
Both will pay their own legal expenses – said to be in the millions – and there will be no spousal support.
Stock accounts, investment accounts and stock options are to be divided according to the settlement.
A divorce, whether fraught with millions of dollars to divide or not, requires the expertise of a qualified lawyer. Contact a family lawyer that specializes in divorce to help you.