Los Angeles, CA- Their romance started on the set of “Crocodile Dundee,” but after 23 years of marriage Australian actor Paul Hogan and his American actress wife Linda Kozlowski have called it quits. This week the now-former couple finalized the terms of their divorce.
Kozlowski, 56, will get a rather large cash settlement of $5.77 million and will be allowed to live in the couple’s Venice, California, home for the next few years or until she re-marries whichever comes first, TMZ reported.
Even though Hogan, 74, has to pay chunk of his fortune to his second wife, he keeps possession of the Venice home, which Kozlowski has to option to purchase for $1.59 million if she chooses. He also gets to keep “Crocodile Dundee” and the production company that produced his infamous films.
Hogan and Kozlowski were granted joint custody of their 15 year-old son Chance, but neither will pay child support.
The couple met on the set of “Crocodile Dundee” in 1981 when Hogan was married to his first wife, Noelene with whom he has five children. The couple remarried and divorce again in 1986, when Hogan allegedly began his romance with Kozlowski.
After dating for four years, Hogan and Kozlowski married in 1991. She filed for divorce last September, citing irreconcilable differences.
The couple is now among a growing trend of over 50-somethings, calling it quits after decades of marriage. It’s called a “gray divorce” and it is happening with more frequency than any other period in time. In fact, married couples over 50 are twice as likely to divorce that couples in their 20s. (The divorce rate for younger couples is actually declining according to recent studies.)
Like Hogan and Kozlowski, many of these older divorcing couples cite irreconcilable differences. Some just grow apart and with the taboo of divorce lifting, older couples no longer feel like they have to stay together because society says they should. It’s easy for a couple to grow apart even after what appeared to be a long and happy marriage. Their children are gone and their interests are changing. Most people these days agree a marriage isn’t worth holding together if both spouses are miserable so divorce seems logical no matter the age of a couple.
Regardless of what age a couple divorces, it’s not a simple process. In reality may be more difficult to untangle the finances of couple that has been together for 30 or 40 years. Some of the same issues, such as property division and spousal support, still stand for “gray divorces,” but there are additional issues that can complicate their dissolution, namely retirement accounts and spousal support.
Dividing retirement accounts is no easy task and takes more legal wrangling than splitting up other a couple’s other financial assets. Older couples need the expertise and guidance of a divorce attorney during this difficult time to ensure they are protected from financial ruin and have the money they need to live out their golden years in comfort and ease.