January 15, 2007, - 4:30 pm
On the Chopping Block?: The Lawyer Who Wrote . . .
By Debbie Schlussel
. . . New York Giants star Michael Strahan’s pre-nuptial agreement.
Not like we’re shedding any tears for this multi-millionaire NFL player. But . . . isn’t the idea of a pre-nup to protect your assets and limit your spouse’s take? In Strahan’s case, it’s the exact opposite.
He must give his soon to be ex-wife, Jean Strahan, $15.3 million, more than 50% of his assets. Under this generous pre-nup, the estranged Mrs. Strahan gets 50% of her husband’s assets, plus 20% of his annual income for each of the seven years they were married.
Call this pre-nup the reverse-cha-ching for Mr. Strahan. It gives new meaning to the phrase, “seven-year itch,” since he must be scratching his head . . . and tearing his hair out.
Here are the details from the New York Daily News:
What Jean Strahan gets
Prenup payout
$7.5 million plus $1.2 million in interest
Half of all assets
$6.6 million
Dream house
She can buy the family’s $3.6 million “dream house” in Montclair, N.J., from her husband for $1.4 million
Luxury car
A leased Cadillac Escalade
Property
She gets half of the money from the sale of 256 pieces of furniture and other property
Child support
$214,745 a year; Michael Strahan also must pay 91% of the cost of their children’s private schooling, camp and higher education fees. She will cover the rest.
Ka-ching. That’s a lotta coin for a few years non-work.
From Deadspin, here’s the very apropos cover of the New York Post. (Plus, Burberry gets a free front-page plug–“Wear our coat, and you, too, could get a $15 mill-plus payday.”)
She got paid. He got fleeced.
Tags: Debbie Schlussel, Jean Strahan, lawyer, Michael Strahan, Montclair, National Football League, New Jersey, New York Daily News, New York Giants, New York Post, player, the Chopping Block, the New York Daily News, the New York Post, USD
Wow! Did he get hosed. He’s at the end of his career and peak earning years for a pro athlete; loses half his assets and then some, and has to pay child support and schooling seperately.
What is $214,745 for if not for school? Clothing? That’s a lot of clothes and food. He probably wont even be able to earn that much broadcasting when he retires which will be in the next year or two whether he likes it or not as his skills have diminished with age.
Was the judge assuming he was going to keep earning millions indefintely as a pro athlete? His prenup was worse than common and state law, although the article is a little unclear it seems the judge may have went above and beyond the prenup’s generous terms.
dll2000 on January 15, 2007 at 6:28 pm