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® Volume 156, No. 187 Friday, September 24, 2010 Continuing legal education – with the stars In contrast, a sequel is generally only represents one party ethically, but By Gemma B. Allen understood to have the same main this can be to the exclusion and possible Watching the famous stars fall in and character in the same or similar setting endangerment of the very relationship out of love has become a favorite moving on with his or her or even its life that client wants to protect. Since the American pastime. Analyzing the legal — think “Harry Potter,” “Back to the adoption of the Uniform Prenuptial Act in ramifications of their choices can be Future” and “Transformers.” It would more than half of the states — and the entertainment for lawyers as well as appear Michael Douglas is on the winning precedent it has set for others — it is providing a “continuing legal education” side of the war of words, but it is always possible to almost entirely disenfranchise — albeit without the qualifying hours. legally challenging when the drafter uses the “have-not” spouse as long as that Ten years ago, Michael Douglas was party either had counsel or the involved in a headline divorce, resulting in a term that turns out not to have a opportunity for it, and was given one of the largest settlements or had the opportunity for full ever reported: $45 million. disclosure. Subsequently, he married the Understanding the issues of these costly legal The answer to the lovely actress Catherine Zeta confiscatory concerns of a Jones, they executed a prenuptial entanglements may not earn CLE hours but prenuptial agreement can be agreement and it would seem his learning from the very public missteps of found in the examples of some first divorce was done and over. celebrities. Many seem to have His previous divorce others is the easy way to wisdom. negotiated so that both parties settlement, however, contained a have dignity as well as clause that entitled his former meaningful dollars when the deal is done. generally-accepted meaning and becomes wife to 50 percent of all the residual Reportedly Katie Holmes would receive a the subject of litigation. income he would receive in the future for significant sum certain for each year she Particularly in the area of intellectual his projects done during the marriage, is married to Tom Cruise. Allegedly, Brad property rights, the lesson for any including spin-offs. At the time of that attorney is to consult with an expert when Pitt and Angelina Jolie are working out divorce, he had already starred in the hit titles to their multiple properties and defining future interests in these rapidly movie “Wall Street.” mutually adopting their children before evolving rights. In this tumultuous era of Now he is starring in “Wall Street: they even contemplate marriage. digital and downloadable delivery, where Money Never Sleeps,” which continues It is possible these stars have better entertainment products are being recycled his character’s “greed is good” saga. Offand repackaged repeatedly, the operational approaches to prenuptial agreements screen, his first wife is suing for her half of the proceeds, characterizing the current rule has to be: “Drafter beware.” If money because they are accustomed to negotiating their “value” in the never sleeps, neither do the greedy who movie as a spin-off. Intellectual property marketplace and because they have other seek it. lawyers must now weigh in on the advisers to help them. Sir Paul and love is not all you need differences and similarities between a The lesson here for lawyers counseling When Paul McCartney of The Beatles spin-off and a sequel. the not-so-famous is to suggest that the announced he would not seek a prenuptial A “sequel” is how the second movie is parties themselves work with a agreement when he remarried, he proved being characterized by Michael Douglas’ psychologist, financial planner or a the legal truism for high earners with counsel, but his ex-wife and her team great fortunes: a prenuptial agreement is a mediator to identify his or her value and disagree. It appears that “spin-off” is a to protect and preserve the relationship at must. television and merchandising term, which the same time they retain attorneys to During the real life “War of the Roses” usually involves using the same protect the assets. between Lady Mills and Sir Paul, his fans characters or events in a different The McCourts and foul balls entertainment setting like a video game or wished there had been a prenuptial The hottest ticket in L.A. might be to agreement so everyone could have been new television show where the side-kick the divorce trial of the owners of the spared. It seems evident that the character is now the main character. For Dodgers team, Frank and Jamie McCourt, McCartneys, their assets, their example, “Private Practice” would be a who were married for 29 years — reputations and their child all would have spin-off of “Grey’s Anatomy.” interspersed with many “time-outs.” The fared better with private negotiations case has everything including savvy before the fact instead of such public Gemma B. Allen is a partner in the spouses, different signed versions of a accusations later. Chicago family law firm of Ladden & Allen post-nuptial agreement (one of which But prenuptial agreements present Chtd. She can be reached at gempractical problems for lawyers. A lawyer maallen@laddenallen.com. Continued… makes the team the separate property of Frank McCourt and one which failed to so do), valuation issues of the team, its earnings and significant real estate, and an expose of the lifestyles and questionable financial dealings of the rich and famous. Their divorce will impact their future, the team’s future and the future of postnuptial agreements. Such contracts made, while parties are living together and allegedly are “happy,” are a newish trend and present issues of legal representation, full disclosure, and interposal fair dealing, all of which are magnified in a case with hundreds of millions at stake. The real lesson of this litigation is the “law of unintended consequences,” which every lawyer and litigant must always calculate. So much chicanery has been revealed during the discovery and pre-trial phase of the case that not only the couple but the entire franchise and even the sport may never be the same. No matter who wins, the McCourts have “err-ored” badly at a time when baseball does not need another black eye. Indeed, lawyers who concentrate in divorce, intellectual property and in fact many areas of the law, can pick up a thing or two from each one of these highlypublicized cases. Understanding the issues of these costly legal entanglements may not earn CLE hours but learning from the very public missteps of others is the easy way to wisdom. Copyright © 2010 Law Bulletin Publishing Company. All rights reserved. Reprinted with permission from Law Bulletin Publishing Company.