According to new legal documents, obtained by The Blast, the reality stars have agreed to sell their home in Valley Village, CA — a city on the outskirts of Los Angeles — and will split any money made from the sale.
As we reported, the couple settled their divorce and agreed to not pay each other any spousal support. Legally speaking, the former couple will receive, “one-half of the proceeds from the sale of their Valley Village. CA residence, which closed in August 2022.”
Tom Schwartz & Katie Maloney Splitting Money From Home Sale In Divorce
In most celebrity cases, an “equalization payment” is made from one person to the other, if someone wishes to continue living in a property purchased during the marriage. In this case, they both bailed on the house. Let’s be honest, it’s not a horrible time to sell property in this area.
“The parties agree that the foregoing award of community property assets and assignment of community property assets and liabilities effectuates a substantially equal division of the community assets and liabilities, including satisfaction of all reimbursements due from one party to the other, such that no equalization payment is due from one party to the other,” the agreement reads.
Interestingly, a note was added in the divorce settlement about “celebrity goodwill.” We are guessing this is any fame and social media followers the ex-couple might have gained while together, including any business or income coming from that fame. We have just never seen this in a divorce. It reads, “All celebrity goodwill, professional goodwill or any other type of goodwill possessed by (them) including goodwill in connection with any business, project, or profession commenced at any time.”
‘Vanderpump Rules’ Stars Will Keep Their Own Television Royalties
We are not sure what type of royalties might come from ‘Vanderpump Rules,’ but they will keep their own. Plus, “all intellectual property, residuals, and contract rights created” by both Katie and Tom, including vehicles, jewelry, and clothing.”
According to the deal, Tom will get to keep his underdeveloped land parcel located in Yulee, Florida. A quick search points out that this is a beachside town located near Jacksonville, Florida. Must be nice.
We broke the story, Maloney filed for divorce back in March after announcing the split on social media.
Katie Maloney Breaks Silence On Split With Tom Schwartz
“After 12 years on an adventure through life together Tom and I are ending our marriage. This ending is not met with resentment or animosity, no sides to choose. We have deep admiration for one another that will always remain and we cherish our friendship,” she wrote.
Adding, “Although we may be on different paths we will continue to love and support one another’s happiness, Thank you for all the kind words and support.”
We hate to say it, but all of this emotional and relationship drama makes for REALLY good reality television.