Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
People in Maryland who follow NASCAR know that the sport generates big bucks and has millions of fans. Recently-released divorce documents show just how much Brian France, a chief NASCAR executive, is worth, and how much he paid his ex-spouse in his 2008 divorce. The court documents in his high asset divorce were recently made public, after France spent the last several years attempting to keep these records private. He lost his legal challenge to keep the forms sealed, and they were released earlier this month.
The records from their 2008 separation agreement show that France, who has been married to the same woman twice, agreed to pay his wife $9 million up front, in addition to $32,000 per month in alimony for 10 years, as well as child support of $10,000 per month. France and his ex-wife have twins, born in 2006.
Court documents also show that France had an estimated $564 million in total assets in 2005, including substantial business assets. In addition, he may one day inherit a tremendous sum from his parents, who have a large stake in NASCAR. It is estimated that this amount may surpass $1 billion.
In light of France’s tremendous wealth, $9 million up front as part of the asset division may not seem like much, but records show that he continued to fight the settlement even after he agreed to the initial deal. On two occasions, he has allegedly failed to make agreed payments to his ex. According to his former wife, he has also been verbally abusive.
France may not get a chance to revisit the divorce settlement to which he previously agreed, which shows the importance of doing things right the first time. High asset divorce requires an attorney with the knowledge and expertise in business and large asset division. With so much on the line, hiring the right attorney is an extremely important decision, especially when a disagreement turns into a dispute.
Source: Sporting News NASCAR, “Brian France divorce details released in court documents,” May 8, 2013