When most people think of Hulk Hogan, they think of wrestling – not divorce. However, court papers filed recently in the ongoing legal match between Hogan and his ex-wife provide important lessons for everyone facing this difficult process.
Specifically, documents filed by Hogan’s attorney reveal the true extent of the Hulkster’s divorce settlement.
His ex-wife, Linda Bollea, obtained $7.44 million of the $10.41 million which the couple held in bank accounts and investment accounts at the time of their divorce. This constitutes just over 70 percent of their combined liquid assets.
In addition, Bollea, 52, received 40 percent ownership in the various companies owned by Hogan, as well as a $3 million property/real estate settlement.
It is worth noting, however, that Hogan, 58, is not required to pay alimony/spousal support.
Furthermore, he was permitted to keep any payments he receives from personal appearances, as well as any royalties or other payments he receives from the sale of his 2009 book entitled “My Life Outside the Ring.”
Interestingly, the couple’s divorce settlement also dictates that both their Florida homes — a beach home and a seaside mansion — were to be sold. The beach home has already sold for $1.65 million, while the other remains on the market, and is currently priced at $8.87 million.
The couple’s assortment of cars was also divided in the settlement, with Hogan appearing to receive the bulk of the collection.
Currently, the couple is battling in court over the payment of revenue from Hogan’s companies to Bollea.
Specifically, a judge ordered Hogan to pay Bollea approximately $126,000 in company revenue — an order that was ultimately upheld by an appellate court in Florida — last December.
However, Hogan’s attorneys are now asking a Florida court to vacate the payment order for two reasons. First, the couple’s divorce settlement dictates that asset disputes are to be resolved via arbitration, not the courts. Second, the order mandates that Hogan pay 40 percent of gross revenues instead of 40 percent of net revenues as is stipulated in the divorce settlement.
The dispute between Hulk Hogan and Linda Bollea may seem far beyond the issues faced by ordinary couples. However, their recent legal action highlights an important point in all divorces: small details (such as the one-word difference between “gross” and “net” revenues) can make a big difference.
That is why if you are facing a divorce, or a dispute about the terms of your divorce, it is crucial to seek out experienced counsel. An attorney with a thorough understanding of divorce issues can identify these details before they become a problem and help you to navigate through this difficult time as smoothly as possible.
This post is for informational purposes only and is not to be construed as legal or financial advice.
Stay tuned for more from our Ft. Worth family law blog …
The St. Petersburg Times, “Ex-wife put Hulk Hogan against ropes in divorce settlement” Nov. 23, 2011