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Kobe Bryant Divorce: Just Another California Celebrity Divorce?
There are many things to take away from Kobe Bryant's divorce, especially if you are going through your own Orange County divorce. Learn more from Boyd Contreras LLP.
December 31, 2011 /Personal Finance PR News/ -- A divorce petition filed in Orange County Superior Court on December 16th cited "irreconcilable differences" as the reason for the divorce between Lakers' basketball star Kobe Bryant and his wife of 10 years, Vanessa. The final divorce judgment is expected sometime in 2012.
This Orange County divorce is not the first celebrity divorce to hit the news recently and certainly won't be the last; however, it does highlight a few issues involved in many high net-worth divorces in California: prenuptial agreements, property division, spousal support and reputation management.
Safeguarding Reputations During a California High Net-Worth Divorce
Vanessa Bryant signed the divorce petition on December 1st, many days before filing it in court. Kobe signed it a week later, on December 7th. Media sources allege that an extramarital affair caused the break-up, but this has not been confirmed with the couple, who request a private divorce. Kobe and Vanessa claim that they have resolved the issues in their Orange County divorce privately. They chose to use divorce mediation, rather than the court system, which means that, if all goes as planned, the only public document will be the Judgment of Dissolution of Marriage.
It is nearly impossible to keep a celebrity divorce out of the public eye. There have already been countless news stories about the divorce, including stories that attack Kobe Bryant's reputation. The Bryants are doing what they can, however, to minimize the impact on their lives and the lives of their children.
When both parties can civilly agree on many divorce issues and would like to keep their divorce private, divorce mediation is a good option. For the Bryants, it means that the news media can only report on what other non-official sources tell them about the divorce and the final details as laid out in the judgment.
Prenups, Property Division and Spousal Support in California
One piece of information that has surfaced since Vanessa Bryant filed for divorce is that the couple lacks a prenuptial agreement. This is what Vanessa's mother allegedly told the Los Angeles Times prior to the marriage. A prenuptial agreement can be a very helpful tool to retain control over one's assets.
In Kobe Bryant's divorce case, the lack of a prenuptial agreement could mean that California law will determine how to divide the couple's assets and how much money Vanessa Bryant will receive for spousal support.
California is a community property state, which means that each party has an equal interest in property acquired during marriage. The courts will split property 50/50, even in divorces involving high asset property division. Thus, Vanessa Bryant may be entitled to $75 million of Kobe Bryant's $150 million. This may not have been the case had Kobe Bryant protected some of his income through a California prenuptial agreement.
Similarly, Vanessa Bryant may be entitled to more in spousal support (alimony) than she would have received had the couple signed a prenup. The court has a large amount of discretion when determining spousal support. It will evaluate the couple's income and Vanessa's ability to earn her own income, as well as a number of other factors.
Learning From Kobe Bryant's Divorce
There are many things to take away from Kobe Bryant's divorce, especially if you are going through your own Orange County divorce or a divorce anywhere in California.
First, it is important to do what you can to shield children from divorce and try to ease the transition for them. Both Kobe and Vanessa want what is in the best interests of their children and have chosen to have joint custody of their two daughters. They have also done their best to keep the divorce private.
Second, a prenuptial agreement allows the parties to determine what should happen for property division and spousal support should a divorce ever occur. Without a prenuptial agreement, California law will dictate what happens in a contested divorce.
Finally, even uncontested divorces can be complicated and will take time. An experienced Orange County divorce lawyer can help you ensure that your interests are protected and that you make the right decisions not only for today, but for tomorrow as well.
Article provided by Boyd Contreras LLP
Visit us at www.karieboydlaw.com
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