Thursday, November 24, 2011

Hulk Hogan v. Lady Hogan: Steel Cage Match of the Year!

Because of Thanksgiving, the staff here at The Urban Politico decided to give our bloggers a break from the seriousness of politics.  Now what better way to have a little fun than to analyze the lives of the rich and famous? 

Recently, details of Terry Bollea (aka Hulk Hogan) and his wife Linda Bollea's divorce settlement became public.  The pair, who have been married 26 years, filed for divorce in 2007 and have made news again because of the monetary disparity in the terms of their divorce agreement. 
The Urban Politico Team has some pretty strong opinions regarding this divorce settlement.  I did not include any of them in this post for fear of starting a cyber food fight, but look out for their comments below, which are sure to be spirited.

Now, before I discuss the settlement terms, let me briefly explain property distribution in Florida.  Of course, I AM NOT a Florida attorney, nor I am I holding myself out to be one.  DO NOT take my explanation of the Florida law to be legal advice.  I am merely giving legal information.  In fact, if you have a legal issue, please speak with a Florida attorney.  Ok, now that my ethical duty is completed, here's the law so that you can have some background as you read the facts.
FYI - I promised Grand Central that I will make this post as nuetral as possible.  See how I did after the jump.  



If the decision to divide property is left to Florida courts, it begins with the conclusion that all the couple's property and assests will be distributed equallyEqual distribution simply means that the court will divide the property as evenly possible.  Sometimes the court makes an equitable distribution.  Equitable distribution means that the court will divide the property fairly, not necessarily equally.   The court will make an equitable distribution using the following factors:
  • Each spouse's contribution to the marriage (caring for children and homemaking included)
  • Each spouse's economic circumstances
  • The duration of the marriage
  • Interruption in the personal career or education of either spouse
  • The contribution to the personal career or education of either spouse
  • The desirability of retaining an asset without interference from the other spouse
  • The desirability of  either spouse retaining the marital home
These factors are used when the court must divide property.  Couples that are fortunate enough, like the Bolleas, can hire expensive attorneys who draft what's called a divorce agreement.  A divorce agreement allows the couple to determine who gets what from the marriage.  In the Bolleas' case, their children are both adults, thus division of property is the only issue.  Okay, you have enough background.  Now let's get to the facts.
The Bolleas got married on December 18, 1983 and were married for 26 years.  Linda Bollea filed for divorce November 20, 2007 and Florida granted the divorce in July 2009.  I choose not to delve into the facts leading to their divorce so that this post remains neutral (I know you're watching GC, lol)  Let's just say both parties had extramarital affairs and were dead wrong!
 
Now the Bolleas are incredibly wealthy, part of the 1% if you will.  Additionally, Terry Bollea owns a host of companies and businesses that rake in millions every year.  The Hulkster has world-wide name recognition and many children, including myself, grew up jumping off of fences and cars in order to replicate his signature move of jumping off the top rope.  I can't tell you how many Super Roos T-shirts I ruined trying to rip my shirt like Hulk Hogan.  He was the WWF and WWE Champion and lit up arenas with his cry for "Hulkamania."

On July 10th, 2005, the Bolleas introduced themselves to a world-wide audience with the premiere of Hogan Knows Best.   The show was a hit as it showed the entire Bollea family and their daily struggles as super rich people.  Linda Bollea, as the loving, caring, trophy wife, also saw her fame shoot to the top of the celebrity world.

Eventually, things went sour and the Bollea's filed for divorce.  Under the divorce agreement, they agreed to split their property as follows:

Linda Bollea
  • 7.44 million in cash (Out of 10.41 million in total cash)
  • 1.65 million for a beach house the couple sold
  • Mercedes-Benz, Cadillac Escalade, Rolls Royce, various off-road vehicles
  • 40% ownership in various companies owned by Terry Bollea

  
Terry Bollea
  • 2.97 million in cash (Out of 10.41 million in total cash)
  • All money he makes from personal appearances
  • All money from his book, My Life Outside the Ring
  • Various vehicles not named in the agreement
  • WILL NOT have to pay alimony



Now, I have chosen to withhold my opinion to ensure this debate begins on even ground.  Additionally, instead of asking a series of questions to point you in a certain direction, I decided we would do something a little different.  I would like you to pretend you are an attorney in a Florida Court arguing for your client, one of the Bolleas.  Don't worry about knowing the law.  Just make your best arguments about the fairness of the settlement.

Soooo, do you think this settlement was fair or not?  Go!!!!!!

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