Sarah Palin's son and his wife reach property settlement agreement
Posted by Thomas Pettinicchi of D'Amico & Pettinicchi, LLC on Dec 21, 2012 in Property Division
Former Governor Sarah Palin's son Track Palin and his wife Britta Hanson filed for divorce at the start of the month, resulting in a number of issues that many couples in the same situation must face. Among the concerns was the question of property division. The pair was married in a state that, just like Connecticut, legally mandates an "equitable" or fair division of property between divorcing spouses. He and his wife have now reached a property settlement as well as resolving their child custody issue.
For many divorcing couples, it may be difficult to sort out what property is classified as marital property to begin with, as opposed to the separate property of each spouse which they may have owned prior to the marriage. A good family law attorney can aid in sorting that out. In this case, Track is given sole possession of $30,000 currently in a bank account, while his estranged wife is retaining her own $2,500 bank account.
She is also keeping a $4,000 jewelry collection that she amassed over time, while he is going to be able to keep his gun collection, estimated as having a current value of $1,000. The couple reached the settlement while the finalization of the divorce awaits for further proceedings. The couple has a 1-year-old daughter together, and they have agreed that the mother will have primary physical custody, while they will both share in their child's legal custody.
The two have been married for around a year and seven months, and were in the media spotlight because of Track's mother's prominent role as Alaska's former governor and the 2008 Republican vice presidential candidate.
Source: The Huffington Post, "Track Palin And Wife Britta Settle Property And Custody Disputes: Report," Dec. 13, 2012