High-Profile Divorce Cases Have Added Financial Complexity
When celebrities divorce, it’s always big news and fodder for the gossip columns. But behind the salacious headlines and titillating details, there are major family issues.
I’ve represented pro athletes, rock stars and other high profile clients over my career and these cases pose many, many challenges. Athletes, musicians, entertainers and others not only earn income through their salaries, but they also have myriad other revenue streams that need to be protected.
For example, how do you factor in the income from future public appearances? Signing bonuses? Endorsements? The athlete or artist may be established or they may be on the rise. Either way, you need to do some deep forensic financial work on these types of cases to ensure that all income streams are accounted for accurately and fairly.
For musicians, entertainers or other creatives, there may be royalties, publishing rights, product copyrights or other intellectual property. Ceding these rights in a divorce can be catastrophic so our job is to make sure that our client – whether it is the artist or the spouse – receives fair protection and/or compensation based on the marital history.
There are also considerations that must be made with regards to touring, record sales and merchandising. These are revenue streams that often fluctuate and you need experienced professionals who have dealt with these issues to accurately analyze their past, current and potential future worth so that the marital assets are fairly allocated.
These cases are difficult, but my team of attorneys and I have spent our careers engaging on exactly these types of complex divorce issues. Separating or ending a marriage is difficult enough. When it’s a high-stakes divorce with significant assets involved, it becomes even more difficult and important to have experienced representation.
And when you’re in the limelight, it adds another whole layer of complexity where discretion, sensitivity, exhaustive analysis and follow-through can be the difference between sustained prosperity and financial ruin.