Ex-wife of Las Vegas millionaire granted lump sum divorce payment
The ex-wife of a notable Las Vegas millionaire will not be allowed to collect her divorce settlement payment in a single lump sum instead of receiving smaller payments every month for nearly a decade.
The Nevada Supreme Court ruled in favor of Abigail Schwartz, the ex-wife of Las Vegas businessman Milton I. Schwartz. According to the divorce ruling, Abigail will receive her $420,000 alimony payment in a lump sum, instead of receiving monthly payments of $5,000 for seven years as was dictated by the couple’s divorce order.
The couple got married in 1993, when Abigail was 41 and Milton was 71. They reportedly lived a “lavish lifestyle” until they split in 2007 after 14 years of marriage. Milton passed away seven months after their divorce became final at the age of 85.
At the time of his death, Milton, who is best known for helping to build the Flamingo Hotel on the Las Vegas strip, was reportedly worth $39 million, and also had a $4 million annual income. He also owned real estate and several taxicab companies in the Las Vegas area, and founded Valley Hospital.
Abigail challenged the divorce order following Milton’s death, asking the court to award her alimony settlement in one payment instead of monthly installments, as the order stated. The Schwartz estate fought her request for a lump sum payment. But following a family court analysis of Abigail’s age, health and life expectancy, the Nevada Supreme Court reportedly found that lump sum was appropriate in her case.
Source: Las Vegas Sun, “Ex-wife of Las Vegas millionaire awarded $420,000 lump sum in divorce,” Cy Ryan, April 30, 2012