Alicia Stephenson, the former wife of Richard Stephenson, will receive $27,500 a month in alimony payments, after taxes and a tax-free payment of $6.5 million in her divorce settlement. The eight-year legal battle came to an end on Wednesday in McHenry County.
Richard, the founder of Cancer Treatment Centers of America, offered his wife $9,000 a month in alimony, while she was seeking $400,000 a month.
The couple married 26 years ago in a mansion wedding. The couple has been separated for 10 years, but Alicia only filed for divorce eight years ago. The couple tried to hammer out the details of their divorce on their own, outside of court, but it took eight years and an eventual trial last week to finalize the agreement.
Alicia had a lifestyle analyst come to her defense during the trial, stating that she was accustomed to a standard of living that demanded $5 million per year to maintain. The honorable Judge James Cowlin states that the couple “certainly enjoyed the lifestyle of the rich and famous.”
Judge Cowlin states that he found it unnecessary for Richard to provide the same lifestyle to his wife.
Alicia still receives a substantial settlement that includes $55,000 per month in maintenance. She will receive around $27,500 after taxes. She will also receive two motorcycles, a 401(k) fund, jewelry and a Porsche in the settlement.
Alicia will receive a one-time payment of $450,000 that is to be used for housing. The payment was part of the couple’s prenuptial agreement, which was upheld in court. The amount does account for inflation and has been adjusted accordingly.
“Certainly, these agreements help those that have acquired significant assets before marriage. However, prenuptial agreements help all couples about to marry. Many believe that a prenuptial agreement is a healthy, positive thing for a couple. Exchanging financial information and outlining resolutions early is healthy. Without one, you face these difficult issues when the relationship is strained and finances are difficult,” according to a blog post by the Micklin Law Group.
Neither party was present in court. Attorneys for both parties hashed out the details in the courtroom.
Richard’s spokesperson did state that he is pleased with the ruling and believes that it is a fair decision. Alicia alleges that she played a role in helping her ex build his empire. She also supported him and the family. Alicia met Richard when she was just a teenager.
The $6.5 million payment is a buyout from Richard that buys out Alicia’s interest in the couple’s 10 entities.