Cross Posted at Legal Schnauzer
Pro wrestling icon Hulk Hogan probably did not intend to do this, but he has helped us prove the monstrous corruption that exists in Alabama domestic-relations court.
How did "The Hulkster" do it? By coming to a recent settlement agreement in his divorce from Linda Bollea. The ex took a significant hunk out of Hulk's financial hide, which often happens in a divorce case where the lawyers and the judge are making some effort to follow the law.
Under the law, a marriage is a partnership--and each spouse has a stake in property that is acquired during the marriage, regardless of ownership or who holds the title to it. Such property comes under the banner of "marital assets" and is to be distributed in an equitable fashion in the event of a divorce. Reasonable people can disagree on the definition of "equitable," but the law is clear: Marriage affords you the right to share in each other's gains and losses.
In the Hogan divorce case, Linda Bollea clearly wound up sharing in Hulk's gains--as she was entitled to do under the law. But her positive outcome reminds us of just how badly some individuals, both women and men, can be cheated in divorce cases. Sherry Carroll Rollins, and her daughters Sarah and Emma, are classic examples of people who have been wronged by an Alabama court system that is hideously corrupt, especially in the domestic-relations arena.
We have written extensively about the Rollins v. Rollins divorce case. Sherry Rollins was married for 14 years to Ted Rollins, who belongs to one of the nation's wealthiest families, the people behind Orkin Pest Control and other enterprises. Ted Rollins flies around in multiple private air craft and has substantial business interests of his own; he has been president of St. James Capital and now is CEO of Campus Crest Communities, which completed a $380 million IPO on Wall Street last year.
How much did Sherry Rollins get of the couple's marital assets? Pretty much nothing. Under the law, she had a stake in any investments, properties, businesses, pensions, insurance, and more. What did she get? Thanks to Alabama District Judge D. Al Crowson, who did not even have jurisdiction to hear a case that started when Sherry Rollins filed for divorce in South Carolina, she got $815 a month in child support, $500 in alimony . . . and that's about it.
Now, let's compare that to the outcome in the Hulk Hogan divorce. Headline writers have been having a field day with the Hogan story, as you can tell from this tampabay.com article titled "Ex wife put Hulk Hogan against the ropes in divorce settlement." From reporter Rita Farlow:
Some might call it a financial smackdown.
Linda Bollea, 52, who divorced Hulk Hogan in 2009, received a little more than 70 percent of the couple's liquid assets in their divorce settlement, a recent court filing shows.
In addition, Hogan, 58, the semiretired professional wrestler whose real name is Terry Bollea, agreed to give his ex-wife 40 percent ownership in his various companies and pay her an additional $3 million "property settlement," according to the filing.
The confidential financial settlement came to light this week after it was attached to a new motion filed by Terry Bollea's attorneys.
So Linda Bollea got 40 percent ownership in Hulk's companies and a $3 million property settlement. And that's not all:
Details from the settlement show Linda Bollea received $7.44 million of the couple's $10.41 million that was held in bank and investment accounts. Terry Bollea got the remaining $2.97 million. . . .
1 | 2