Giada De Laurentiis Divorce Highlights Importance of Prenuptial Agreements
Nov 2, 2015
Orange County, CA (Law Firm Newswire) November 2, 2015 – Celebrity chef Giada De Laurentiis must give up half her earnings to ex-husband Todd Thompson as the divorced couple did not sign a prenuptial agreement when they married in 2003.
The couple’s divorce was finalized on Sept. 3 after 11 years of marriage. The net worth of De Laurentiis is estimated at around $20 million, while her fashion designer ex-husband is reportedly worth $15 million. When De Laurentiis, 44, first married Thompson, her career was still in its early stages. During their marriage, De Laurentiis opened a restaurant and hosted several television shows on Food Network. She also wrote a number of cookbooks and launched a kitchenware line.
“Many couples fail to anticipate their financial growth and success when they get married. A prenuptial agreement can help protect significant assets, along with giving each spouse control over how their money matters are handled in the event their relationship ends,” said Gerald Maggio, a family law attorney in Orange County, California.
A prenuptial agreement allows the couple to determine before the wedding how their assets and money will be divided in case they divorce. Per California family law if divorcing spouses do not have a prenuptial agreement, their community property is distributed equally between them. Community property is defined as the assets and income each partner acquires during a marriage.
As the higher-earning spouse, De Laurentiis will share with Thompson 50 percent of the profits from every cookbook she published during their marriage and half of the unpaid advances to upcoming cookbooks. They will also equally divide their various bank accounts worth more than $2 million. Had they signed a prenuptial agreement, De Laurentiis would have been able to protect much of her estate.
De Laurentiis and Thompson have chosen to share joint custody of their 7-year-old daughter. As both parties have the means to continue their current lifestyles, spousal support will not be awarded in this case.
“Rather than indicating lack of trust, a prenuptial agreement can help to reduce unnecessary conflict between spouses regarding asset distribution in case of a split, which can adversely affect the children that are part of the marriage,” said Maggio. “A prenup is not just applicable to millionaires. It is a useful financial planning tool for anyone looking to protect their assets.”
Learn more at http://www.maggiolawfirm.com
The Maggio Law Firm
Main Office
420 Exchange Suite 270
Irvine, CA 92602
Call: (949) 553-0304
Riverside Office
3750 University Avenue, Suite 670
Riverside, CA 92501
Call: (949) 553-0304
- Rebuilding Your Credit After Divorce
Once you have gone through a divorce, most people face financial issues that are hard for them to handle. These financial issues can be a variety of types, and they can range from being unable to manage your needs with the finances you have or struggling to pay off lingering marital debts. In the midst […] - Spousal Support (Alimony) for Dummies
Going through a divorce is not the most pleasant experience to go through to say the least. You can go through dire emotional, financial and at times physical stress that can take its toll on you in the long run. If going through a divorce wasn’t hard enough, there are a number of things that you […] - A Further Guide to Taking Care of Financial Issues Post Divorce
As painful as a divorce can be, the good thing about it is that it gets over. Once your divorce is over and done with, a new life begins for both the spouses. The end of a divorce is the end of the legal battle, but there are financial matters that then need to be […]
