Legal Breakdowns Of The Hottest Entertainment & Celebrity Drama
MICHAEL JORDAN’S PRENUPTIAL AGREEMENT:
Basketball legend Michael Jordan married Yvette Prieto in a star-studded wedding with approximately 2000 guests. It has been reported by several news outlets that Yvette has signed an “airtight” prenuptial agreement, entitling her to $1 million dollars for every year that they are married and $50 Million if their marriage lasts longer than 10 years.
What Does This Mean?
Michael Jordan is worth more than $650 million dollars. In most jurisdictions, upon divorce, a spouse can petition the court in the divorce proceedings for half of the marital property accrued from the time they were married until the date of separation. Michael Jordan has gained most of his wealth prior to marrying Ms. Prieto, so she more than likely would not be entitled to collecting on his pre-marital assets, but could stand to gain a portion of the assets “they” accrue while married. It is safe to assume that as we see lines for days of young people at shoe apparel stores, Michael is still making a pretty penny from his Jordan brand.
A prenuptial agreement is a contract. Point blank period. The terms of this marital contract are negotiable and spell out what a spouse, most times the wife, stands to receive upon divorce. Factors include:
(a) Assets brought into the marriage (i.e. – Jordan will probably not have his lovely home listed as a marital property but as “separate property”)
(b) Children Born of the Marriage
(c) Years Married
(d) Infidelity
How Does This Affect You?
Most of us commoners are only yelling “We Want Pre-Nup” while singing along to Kanye West’s “Gold Digger,” however, if you are coming into a marriage with significant assets and/or asset accruing potential, it may be in your best interest to protect your interests in what you have now and what you stand to gain in the future. Keep in mind that certain assets are automatically considered separate property and won’t be an issue when divvying up after divorce (i.e. – cash and assets gained from an inheritance of only one spouse, assets acquired before marriage and after separation).
KIM KARDASHIAN / KRIS HUMPHRIES DIVORCE:
It appears that the terms of the divorce settlement for Kim Kardashian and Kris Humphries have been reached. But, does this mean they are finally divorced?
Not quite.
The terms have been submitted to the Judge, who will in turn review them to ensure they are fair, conscionable and do not violate any California statutes. Once the Judge signs an Order granting the divorce and the divorce decree is executed, then this marriage will finally be laid to rest.
What Does This Mean?
The entire paternity issue surrounding whether or not Kris Humphries will be deemed the father of Kimye’s baby is no longer an issue. Due to the modifications of California statutes, since the two were separated and no longer living together, it really never was an issue to begin with.
How Does This Affect You?
I pray it does not. Word of advice, keep it classy ladies. Keep it classy.
FANTASIA “LOSING HER HOME”:
Fantasia Barrino handed over the keys to her mansion in North Carolina to her lender after failing to sell it at a price conducive to her and the bank. In 2009, Fantasia’s home was reportedly in danger of being auctioned off to pay back a loan that she borrowed from Broward Energy Partners. The sale from the foreclosure was allegedly to pay back the loan, however, a deal was made and she kept her home.
Last year, Fantasia placed her home on the real estate market with an asking price of $800,000, a lot less than the $1.3 million she paid for it. TMZ now reports that, according to court documents, the former “American Idol” winner and actress allegedly transferred the deed of the home to the bank in February. She escapes the foreclosure process but still has to get rid of the home.
What Does This Mean?
Fantasia took the easy and smart way out. Though it is reported that she owns other properties, when someone is facing foreclosure of their main residential property, the process can take anywhere from nine months to well over two years to complete. Laws have to be specifically adhered to regarding notice to the homeowner, hearings for loan modifications, settlement conferences, court dates, etc. And if there are any discrepancies in the court filings, this process can take longer.
It is safe to assume that Fantasia did not receive an FHA loan due to her superstar status, therefore she may have had what is referred to as a “Recourse” loan. A recourse loan means that a bank can not only sue you for possession of the property to sell, but can also come after your money and other personal assets to collect on additional amounts owed once the property is sold and the bank has not received all of their money back. Fantasia appears to be mitigating (i.e. – lessening) her damages to the bank, which at the end of the day, may be the smartest thing. This is what is called “Deed in Lieu of Foreclosure”. It can save you and the bank unnecessary legal and bank fees.
How Does This Affect You?
If you are behind on your mortgage and/or another creditor is seeking to foreclose on your property due to uncollected damages (i.e. – condo association fees, other secured debt, etc.) do NOT ignore their letters and phone calls. Seek to modify your loan or work out an alternative payment schedule. If the bank is not willing to work with you to modify your loan or agree to a short sale, your best plan may be just to hand the keys back over to the bank.
Rashida Maples, Esq. is Founder and Managing Partner of J. Maples & Associates (www.jmaplesandassociates.com). She has practiced Entertainment, Real Estate and Small Business Law for 9 years, handling both transactional and litigation matters. Her clients include R&B Artists Bilal and Olivia, NFL Superstar Ray Lewis, Fashion Powerhouse Harlem’s Fashion Row and Hirschfeld Properties, LLC.
LIKE HelloBeautiful on Facebook!
Related Stories:
Fantasia Reveals Secrets To Her 50-Pound Weight Loss
No Baby Registry: Kim & Kanye Ask For Donations Instead of Baby Gifts
Check Out This Gallery Of Michael Jordan’s Wedding!
