Celebrities face especially high losses in the event of a divorce. Why? Because they own more assets than the average person. Even those who create prenuptial agreements before marriage will likely have to part with serious sums. While assets may be protected to a certain degree, child support and alimony are often unavoidable. Recently, there have been a number of stories involving celebrities facing serious losses as a result of their divorces. But what can these reports tell us about modern divorce strategies?
Daughter of Billionaire Ski Resort Tycoon Faces $200 Million Divorce Settlement
Although divorces of billionaires often make headlines, their children’s divorces may also generate buzz. Such was the case when the daughter of Robert Earl Holding reportedly faced a $200 million divorce settlement. The Holding family amassed its fortune through successful ventures in both ski resorts and oil, including Little America and Sinclair Oil.
This situation is complex for a number of reasons. The daughter argues that this $200 million settlement would need to come from her inheritance. As any divorce attorney will tell you, inheritance is separate property and, therefore, non-divisible during divorce. This is why the daughter is now appealing the decision, which was made by a family court in Wyoming. In addition, the daughter does not actually have access to $200 million in cash, and she would need to sell off her shares in the family companies in order to make this payment. Apparently, she had previously offered to give her ex-husband $1 million per year or a lump-sum payment of $10 million.
Child Support Payouts: Winners and Losers
Some celebrities are also facing serious child support obligations as a result of their divorces. The first and perhaps most notable case involves Kevin Costner, whose divorce seems to be especially combative. Although the pair were recently sparring over the wife’s alleged intentional delays of court proceedings, the debate has apparently shifted to the subject of custody. A recent report suggests that Kevin Costner may now face child support payments of over $160,000 per month. Court documents suggest that this is the sum his ex-wife is pushing for, and she claims that her rent alone costs $40,000 per month.
Apparently, Costner is already paying almost $130,000 per month in child support – as this was ordered by a judge back in July of 2023. An increase of $30,000 per month does not seem like much when dealing with high-net-worth celebrities. However, it is worth pointing out that this sum is temporary. The final amount may be much lower or much higher depending on which spouse gains the upper hand in court. The standard of living of the children may also factor into the decision, as they may have grown accustomed to all kinds of luxuries during the marriage.
In comparison, Halle Berry just agreed to pay a sum of just $8,000 per month in connection to her own divorce. This sum might seem like a lot at first glance, but it pales in comparison to the six-figure sum that Costner will likely pay. Berry’s divorce is also much more amicable, with both spouses agreeing that this is a reasonable sum based on all of the various circumstances. It is safe to say that she is the clear winner when comparing the two results.
What These Cases Can Teach Us
It goes without saying that celebrities today make use of the most effective and innovative legal strategies as they attempt to secure their financial well-being. Because these celebrities have access to significant fortunes, they can afford to hire the best lawyers. These legal professionals may be especially creative as they act in their clients’ best interests, which is why these stories can be especially informative for those interested in divorce law. While it is true that many of these stories are sensationalized, they may also contain valuable lessons for legal observers searching for the most effective strategies.
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