Today's breaking news is about Jennifer Lopez and Ben Affleck Divorce Settlements. According to recent news, the couple has finalized their divorce and is making settlements regarding their mutual property in Los Angeles. They agree to split the proceeds from selling their $68 million mansion as part of their agreement.
Jennifer Lopez and Ben Affleck Making Divorce Settlements
Jennifer Lopez and Ben Affleck have been together for the past few years and were considered the power couple of Hollywood, but fortune has written something else for both of them as they have finalized their divorce.
The couple are parting ways around the same time that Brad Pitt and Angelina Jolie have done the same. As they make divorce settlements, they are bound to a mutually agreed agreement that the couple will divide the sales of their tough-to-sell Los Angeles mansion right down the middle.
Divorce Agreement Terms and Proceedings
As Jennifer Lopez and Ben Affleck part ways, they will follow a mutually agreed-upon arrangement. According to the terms of their divorce, Lopez and Affleck will:
- Split Mansion Sales: The couple will divide the sale proceeds of their LA mansion equally.
- Keep Personal Belongings: Keep all their personal belongings and earnings in their possession from the date of separation.
- Divide Bank Accounts: Split their bank accounts into half and equal proportions.
- Retain Individual Assets: Lopez will keep her clothes, jewelry, and individual assets, while Affleck will hold on to his stake in the Artists Equity production company.
The Mansion Demands High Maintenance
Jennifer Lopez and Ben Affleck owned a luxurious mansion in LA for which they paid $60.8 million about a year ago. The couple has put the mansion on sale for nearly six months, almost as long as they've been separated.
Some experts have described the large, handsome, difficult-to-sell mansion as a white elephant demanding high maintenance. Its high maintenance costs $280,000 per month, which includes property taxes, security expenses, mortgage payments, and HOA fees. In addition to all these expenses, the city of Los Angeles's "mansion tax" will add $3 million to the sale price.
Challenges To Sell the Mansion
Celebrity real estate agent Jason Oppenheim talked with Realtor.com and voiced his thoughts that the mansion will not make it up to its $68 million asking price. He predicted the sale price would drop between $58 million and $60 million. The couple has put the home on sale within a short period of ownership, so there are challenges in selling the mansion.