Money Rehab with Nicole Lapin - The Cautionary Tale of Brangelina

Episode Date: February 7, 2023

While Brad Pitt and Angelina Jolie's separation is, frankly, not relatable— there are some lessons from their story that can help anyone going through a divorce protect their financial health. Nicole tells the story and shares those lessons.

Money rehabbers, you get it. When you're trying to have it all, you end up doing a lot of juggling. You have to balance your work, your friends, and everything in between. So when it comes to your finances, the last thing you need is more juggling. That's where Bank of America steps in. With Bank of America, you can manage your banking, borrowing, and even investing all in one place. Their digital tools bring everything together under one roof, giving you a clear view of your finances whenever you need it. Plus, with Bank of America's wealth of expert guidance available at any time, you can feel confident that your

money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand. It's time for some money rehab. Today, we're following the money trail of one of the most iconic Hollywood couples, Brangelina. We followed their separation, even if we didn't want to.

I mean, if you went to a grocery store at any point in 2016, you probably saw a tabloid with a juicy headline about their divorce at checkout. So why are we talking about this now? Well, even though the divorce is, frankly, not relatable, I mean, as a side note, they're currently fighting over a winery that they own. But as unlikely as it sounds, there are actually financial lessons we all can and should learn in order to protect ourselves. So let's get into it. Of course, Angelina and Brad, yes, we are on a first name basis here, famously met when they starred in Mr. and Mrs. Smith together in 2003. And then in 2005, when Brad and Jennifer Aniston separated, Brad and Angelina started dating immediately. Three years into Brangelina's

relationship, they bought a controlling stake in the winery Chateau Miraval, and then they were married there in 2014. And by the way, this Chateau Miraval fun fact was breaking news to me. I've had Chateau Miraval rosé before, but I never knew it was a byproduct of Brangelina. but I never knew it was a byproduct of Brangelina. Iconic. Anyway, apparently when they bought the winery, they split their ownership 50-50 and agreed that neither of them would sell their stake without getting the other's sign-off first.

Fast forward to 2016 and six whole kids later, Angelina filed for divorce, citing everyone's go-to line, irreconcilable differences. Fast forward to 2023, the couple is legally single, whatever that means, but still are duking it out in court to settle on the custody terms around their divorce. Some say that they're on their way to racking up the highest divorce legal fees in Hollywood. Although they're not in first place, but that's a story for another episode. For now, let's get back to the winery. Angelina sold her half of the company to a subsidiary of Stolle Group in 2021. Brad says

this sale, quote, blindsided him, and he wanted the opportunity to purchase her half himself. So Brad sued Angelina, and then Angelina countersued Brad. Angelina's lawyers say that Brad was looking to buy her stake in Chateau Miracle, but that part of the agreement would have included a non-disclosure agreement preventing her from speaking out about alleged physical and emotional abuse from Brad. So in Angelina's latest countersuit, her legal team provided descriptions of a particular abusive event that precipitated the divorce. In these legal documents, Angelina alleges that on a flight with Brad and their six kids, Brad, quote, choked one of the children and struck another in the face. And, quote, grabbed Jolie by the head and shook her and poured beer and red wine on the children, end quote.

Angelina's lawyer said in a statement, quote, she, Angelina, has gone to great lengths to try and shield their children from reliving the pain Pitt inflicted on the family that day. But when Pitt filed this lawsuit seeking to reassert control over Jolie's financial life and compel her to rejoin her ex-husband as a frozen out business partner, Pitt forced Jolie to publicly defend herself on these issues for the first time, end quote. And even before this winery mess, the divorce proceedings were already nasty. Us Weekly obtained court documents where Angelina claimed Brad hadn't paid any meaningful child support since their separation. Next day, Brad filed a response claiming that he actually loaned Jolie $8 million to help her purchase a home and gave her $1.3 million on top of that just for shits and giggles. So I promised you there was a lesson here. And here it is. Even if you're not divvying up a winery between yourself and your spouse, divorces are complicated and can get messy. Because yes,

the Brangelina divorce is unique in so many ways. But the fact that it is still ongoing after several years is not. Like I said before, Brad and Angelina are racking up legal fees by nature of the fact that this is taking years to resolve. But that's not the only way. Most couples seeking divorce go the Brangelina route and lawyer up right away. Fewer people go the mediator route. But that choice can save you time and money, not to mention sanity. Just think about this. On average, divorce through separate lawyers can take 18 months to 3 years. Mediation, on average, takes 2 to 6 months. For today's tip you can take straight to the bank, it's always difficult to split up assets, even if you don't have a business together.

If you're married and have a bank account for your combined money with your spouse and a separate bank account, that's the yours, mine, and ours setup I sometimes talk about, that separate account, the mine account, still can be considered a marital asset in case of divorce if you make contributions to it after you tie the knot. So be very deliberate about keeping the assets you had in your wild, crazy single days separate. Hopefully you never have to show a paper trail in court. But if you do, having a clear one will save you money and probably a big headache. Money Rehab is a production of Money News Network. I'm your host, Nicole Lappin.

Money Rehab's executive producer is Morgan Lavoie. Our researcher is Emily Holmes. Do you need some money rehab? And let's be honest, we all do. So email us your money questions, moneyrehab at moneynewsnetwork.com to potentially have your questions answered on the show or even have a one-on-one intervention with me. And follow us on Instagram at moneynews and TikTok at moneynewsnetwork for exclusive video content. And lastly, thank you. No, seriously, thank you. Thank you for listening and for investing in yourself,

which is the most important investment you can make.