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Attorneys Vic Hill and Brad MacDonald

Buzz Aldrin and third wife divorce

In late December, the divorce of astronaut Buzz Aldrin and his third wife, Lois Driggs Cannon, became final. According to media reports, the high-asset divorce settlement orders Aldrin to make a large lump sum payment to his ex-wife as well as pay significant amounts in monthly spousal support. Cannon will also have a claim to much of his future income.

Aldrin, who is 82 years old, filed for divorce from Cannon in June 2011. Their divorce became final a few days after Christmas. The couple, who had been married for 23 years, did not have any children together.

Under the divorce settlement agreement, Cannon will receive approximately half of Aldrin’s reported $475,000 financial assets. In addition, he has agreed to pay Cannon $9,500 in monthly spousal support, to turn over 50 percent of his annual income of $600,000, and 50 percent of any profit he makes from his business, stocks and trademarks in the future. Aldrin reportedly owns a trademark for the iconic “astronaut with flag” design, an image that will surely continue to be profitable in the coming years.

Aldrin, who was the second man to walk on the moon, has also agreed to allow his ex-wife to keep her 1988 Mercedes, which, ironically, has a license plate that reads “MOONGAL.” It is not known whether she plans to sell or re-register the car in the wake of the divorce.

Even if you are not dividing significant assets or the rights to an internationally-known image, property division is often one of the most complicated aspects of the divorce process. It may be helpful to assemble a team of experts, including a family law attorney and divorce financial planner, to help you reach the most fair and optimal resolution.

Source: New York Daily News, “Astronaut Buzz Aldrin loses half his fortune in divorce settlement with third wife,” Christine Roberts, Jan. 7, 2013