Monster Divorce Settlements
Hulk Hogan may be known one of the greatest wrestlers of all time, but he was no match for his wife’s divorce attorney. Terry Bollea, the star known to the public as “Hulk Hogan”, was divorced by his wife Linda in 2009. Recent court filings show that Linda received over 70% of the couples liquid assets in their divorce settlement, approximately $7.44 million of $10.41 that was held in banks and investment accounts. She also received 40% ownership in his various companies, as well as $3 million in “property settlement.”
Perhaps there is some silver lining for Mr. Hogan, he will not have to pay his ex-wife alimony. He also gets to keep any money made from personal appearances and sales of his book, “My Life Outside the Ring,” which was published in 2009. However, the couple must sell both their homes, their iconic Belleair estate as well as their Clearwater Beach home. The beach house sale made $1.65 million of the $3 million owed to Linda Bollea, so the remaining money will come from the sale of their primary home. After the $3 million property settlement is covered, remaining proceeds will be split evenly between the two.
The settlement resurfaced recently due to a dispute about the amount Bollea owes his ex-wife from company revenues. A circuit judge ordered Terry to pay Linda about $126,000 in company revenues last December, a ruling that was upheld with the appellate court. Hogan’s lawyers claim the divorce settlement stipulates the couple handles asset disputes through arbitration and not courts, therefore requesting the judge to set aside the payment order.
While Hogan’s circumstances might be different from most people, the case demonstrates the importance of properly managing divorce settlements. Making good decisions from the beginning, such as who you hire for your divorce attorney, can make a huge difference in terms of both time and money.
For questions about your situation, contact Tommy Davis today.