High profile divorces are no laughing matter, especially when there millions or even billions of dollars at stake. Even with prenuptial agreements in place, there are many complications that can arise in high-end California divorce courts. Celebrities stand to lose a large part of their net worth, which can turn an amicable situation into one filled with grief, animosity, and pain.
In recent years, the payout of high profile divorces has been staggering. In 2011, Arnold Schwarzenegger and Maria Shriver parted ways, with her settlement amounting to between $250 and $375 million. In 2000, Robert Johnson and his wife of 30 years reached a settlement of $400 million. Although celebrities and other public figures have the advice and counsel of an attorney, a large part of these settlements are the result of lengthy marriages where the spouses had an integral part of the celebrity’s success.
The biggest celebrity divorce of all time is Mel Gibson’s, where he was directed to pay his wife of 31 years a reported $425 million dollars, child support of $750,000, and future residuals from previous films he recorded while they were married for the rest of her life.
How do these large divorce settlements occur?
Most of the time, if the celebrity or public figure was just beginning their career, they did not think about having a prenuptial agreement in place. Even if they were properly advised by a California family law firm, their prenuptial agreement may have had stipulations that included the spouse being paid a certain amount for every year they were married. Former American Idol judge Randy Jackson did not have a prenuptial agreement in place, and his wife of 18 years received $20 million dollars.
Successful business owners face similar challenges. In 2010, Wynn Resorts billionaire Steve Wynn had to pay his wife $741 million in stock. She holds 9.7 million shares, which is currently about $1.2 billion.
It is not uncommon for individuals to request post-nuptial agreements once they realize they need to protect their assets. A San Diego divorce lawyer can give you advice on moving forward, especially if you feel that you have a lot to lose in the event of a divorce. Being proactive in protecting your best interests is the right thing to do. High-end divorces can be especially traumatic on the children, and dividing assets that were highly valued can be difficult to let go.
No matter what the parameters are surrounding your current marriage, we can help. Putting yourself in position for any situation can give you peace of mind while putting protocols in place to protect your assets. For trusted advice and counsel, contact the Law Office of Renkin & Associates to protect your interests.