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Thursday, November 9, 2006

The Role of the Prenup in the Timing of Britney Spears' Divorce

Spears Joel A. Schoenmeyer uncovered this fascinating tidbit on the role of Brtiney Spears' prenuptial agreement (shamelessly blogged here) in the timing of her impending divorce from Kevin Federline:

Britney Spears didn’t pick Nov. 6 as the day to file for divorce from Kevin Federline by accident. She filed two years and one month from the day of her marriage, on Oct. 6, 2004. Her prenup, according to legal theorists, evidently carried increases for Federline for every year of their marriage. And those deadlines, they say, likely had 30-day grace periods. Hence, Nov. 6 would have been Britney's last chance to get out of paying a third year of alimony settlement to a basically talentless slacker who was a drain on her finances.

And in the end, money is probably what Spears’ divorce is all about. Since she deliberately showed off a new trim body on David Letterman’s show the other night, Spears is obviously getting ready to go back to work. If a new album and tour are on the boards, Spears obviously doesn't want to share the proceeds with Federline. It was clearly better to get out now, so that K-Fed can lay claim to only half of Spears’ earnings during what has been the most fallow period in her career.

Update:  Joel A. Schoenmeyer has more here.

http://taxprof.typepad.com/taxprof_blog/2006/11/the_role_of_the.html

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Tracked on Nov 9, 2006 6:32:09 AM

Comments

I don't think the math works. 30 days from 10/6 is 11/5. So, if she was trying to get within the 30 days, she'd miss it by a day. Maybe her lawyers will have to cover the difference...

Posted by: Steve | Nov 8, 2006 6:23:25 PM

Steve, when a due date falls on a weekend or holiday when the courts are closed, you have until the next business day. This being the case 11/5 was a Sunday, the theory holds up.

Posted by: joe | Nov 9, 2006 1:31:11 PM