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News > Companies
Welch settles divorce case
While ex-GE CEO won't pay alimony, he is on the line for any future taxes related to his marriage.
July 7, 2003: 5:41 PM EDT

NEW YORK (CNN/Money) - Former GE Chairman John Welch won't be liable for alimony payments but has agreed to indemnify his estranged wife from future tax liabilities resulting from their 13-year marriage, according to documents from the divorce case.

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Documents filed in Superior Court in Bridgeport, Conn., and obtained by CNNfn also show that Jane Beasley will retain ownership of the couple's Central Park West condominium and all of its contents, at no cost to her.

There is also a clause guaranteeing her $15 million if full ownership of the condo is not transferred to her within 60 days of their divorce.

Most of the financial details of the divorce settlement, however, have not been made public and remain under seal.

The Wall Street Journal reported Monday that Beasley was expected to fetch more under the current settlement agreement than the initial $130 million in cash, stock and property Welch and his lawyers offered late last year.

Welch became one of the most famous CEOs in the world as General Electric (GE: Research, Estimates) grew rapidly under his leadership.

The divorce settlement was finalized a few days before a trial was scheduled to begin.  Top of page

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