Beyonce's mom Tina Knowles reaches divorce settlement agreement with Richard Lawson

Beyoncé's mother Tina Knowles and Richard Lawson have finalised their divorce settlement. The 70-year-old fashion designer filed for divorce from the 77-year-old actor on July 26 last year in Los Angeles County Superior Court. She cited "irreconcilable differences" as the reason for the divorce filing.

The couple has reached a settlement agreement that outlines the division of their assets and debts. According to court documents obtained by People, the "irremediable breakdown of the marriage" made it impossible for them to continue living together as husband and wife. They had tied the knot on April 12, 2015,

As part of the settlement, both Knowles and Lawson waived their rights to spousal support. Knowles, however, will be making a one-time payment of $300,000 to Lawson. This payment is meant to settle any interest Lawson had in their community property and to cover any community debts accumulated during their marriage.

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Lawson was awarded a 2021 Cadillac Escalade, the right to all earnings and creative works he acquired since their separation, funds from Richard Lawson Studios Inc., his SAG pension plan, and personal belongings, including clothing and jewellery.

Knowles, on the other hand, retained ownership of a property in Los Angeles and another in Texas. She was also awarded all furniture, artwork, and personal effects in these properties. Additionally, she will keep a 2018 Tesla, a 2020 Bentley, a book deal with Penguin Random House for the "Matriarch" series, and a 1 per cent interest in Kirby Beauty Management LLC. Like Lawson, she will retain all earnings and creative works generated since their separation.

The former couple also agreed to a "non-disparagement agreement." They agreed to mutually approve any public statements about their divorce and to refrain from making negative comments about each other or their families.