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Hulk Hogan Reportedly Lost Big in Florida Divorce Settlement

616px-Hulk_Hogan - wiki.jpgDetails of professional wrestling personality Hulk Hogan’s confidential divorce settlement came to light this week after a recent court filing. After more than 25 years of marriage, Hogan’s ex-wife, Linda Bollea, reportedly received approximately 70 percent of the couple’s liquid assets, $3 million in property, 40 percent of various company revenues and several luxury vehicles. Luckily for Hogan, he was not ordered to pay alimony despite the long term nature of the Florida couple’s marriage. Child support was not at issue as the couple’s two children were adults at the time of the couple’s split.

The divorce settlement was reportedly disclosed when Hogan filed a copy of the agreement as part of an ongoing legal dispute between the former couple. Hogan is currently challenging a court order to pay his ex-wife a percentage of gross company revenues. According to Hogan’s attorneys, the divorce settlement stipulated his ex-wife receive a percentage of net company revenues and requires that all disputes must be addressed through arbitration.

Hogan’s divorce was no doubt costly. He likely would have benefited immensely from a negotiated prenuptial agreement, which the couple reportedly did not have. In Florida, a prenuptial agreement is a written contract signed by both potential spouses prior to marriage which outlines how assets will be divided in the event of divorce or death. The semiretired wrestler’s highly public and acrimonious split from his wife reportedly dragged out in the courts for almost two years. If the parties had entered into a prenuptial agreement, negotiations over assets and spousal support obligations likely would have been decided well in advance of any split. Unfortunately, many people who enter into marriage with few assets do not consider signing a prenuptial agreement and later regret it.

Even where no prenuptial agreement exists, most family law issues can be resolved outside of a courtroom through negotiated settlements. Postnuptial agreements can be a useful tool for couples in Florida. Postnuptial agreements are written contracts, such as marital settlement agreements, entered into by married couples who are contemplating separation or divorce. A postnuptial agreement will generally address the disposition of assets and spousal support obligations. Such agreements may also include provisions regarding child support and custody but they are always subject to modification by a court.

Getting married is a joyful event, but it can also be a stressful time. Our Aventura family law attorney can help alleviate some of that stress by assisting you with preparation of a written prenuptial agreement. Attorney Sandy T. Fox can also help you draft and negotiate a postnuptial or marriage settlement agreement with your spouse and advise you on related matters such as spousal support, child visitation, and custody matters.

Attorney Sandy T. Fox, P.A., is an experienced Fort Lauderdale divorce lawyer who focuses exclusively on marital and family law. Contact him today through his website or call him toll free at 800-596-0579.

More Blog Posts:

South Florida Couples Hire Fort Lauderdale Divorce Attorneys Frequently, Fort Lauderdale Divorce Lawyer Blog, August 18, 2011
Former Spouse Not Entitled to Receive Financial Benefits After Divorce, Fort Lauderdale Divorce Lawyer Blog, July 29, 2011
Additional Resources:

Ex-Wife put Hulk Hogan against ropes in divorce settlement, by Rita Farlow, St. Petersburg Times