When it comes to divorce, few things are more critical than getting the financials right. The manner in which property division, child support and spousal support are handled will have lasting ramifications. That is why it is so important to make sure that every detail is properly covered in the divorce settlement. Punta Gorda spouses who are considering divorce should make every effort to double check that the settlement is in line with their expectations.
An example is found in the recent divorce of actor Johnny Depp and his former wife, Amber Heard. As part of the couple’s divorce agreement, Depp was to donate $7 million to two charities of Heard’s choice in lieu of alimony. Once the divorce was finalized, Depp wrote checks to the American Civil Liberties Union and the Children’s Hospital of Los Angeles.
Heard took issue with that move, claiming that Depp failed to factor in the tax deductions he would receive by making the gifts. She claims that the intention was for Depp to be out-of-pocket for the entire $7 million. As it stands, the move likely gave Depp a charitable tax deduction worth around $3.5 million.
While perhaps not the intended consequence of the agreement, Depp is unlikely to be required to pay more than the $7 million outlined in the agreement. If it was important to Heard that the full amount removed from Depp’s base of wealth was $7 million, that should have been structured into the agreement. Many Punta Gorda residents will recall the intense media scrutiny that accompanied this high profile divorce case and the swiftness with which it was completed. Perhaps the rush to settle led to a lack of detail within the settlement, which then led to an outcome that at least one party did not anticipate.
Source: Money, “Johnny Depp, Amber Heard, and Your Divorce“, Lily Vasileff, Oct. 19, 2016