Update on Jim Nantz

Ok, this is a bit old (I have been posting ahead a bit since vacation is looming), but I wanted to follow-up on my post listing money lessons from sports announcer Jim Nantz. Here's a summary of the divorce decree:

• CBS sportscaster Jim Nantz must pay $916,000 yearly in alimony and child support to his ex-wife and give up their Connecticut home under terms of a newly issued divorce decree.
• Under the ruling, Nantz must pay $72,000 in alimony monthly until he dies or his ex-wife remarries, and another $1,000 weekly in child support for the next two years.
• Lorrie Nantz will get their home and a separate condominium in Westport, while Jim Nantz will get their home in Houston and a luxury condominium in the Deer Valley ski resort in Park City, Utah. They were awarded joint custody of Caroline, 15.
• He also must pay Caroline's college expenses until she reaches 23 years old and has to split various joint accounts with Lorrie Nantz, including the current value of his pension through the Screen Actors Guild.
• He also must keep his ex-wife listed as beneficiary of a $3 million life insurance policy while he's still paying alimony and/or child support, and pay $70,000 so she can join any country club of her choice.
• She had been seeking more than $1.5 million in yearly alimony and child support.
• Court documents cited Jim Nantz's $3.2 million salary from CBS and other assets, including millions in other income, shared investment accounts, real estate and other property.

Yep, divorce is very costly. While Jim will still have plenty left over, his net worth is taking a big hit on this one.

And it appears he's headed into more financial issues with his new girlfriend. Here's a recent quote from her:

"I have champagne taste on a beer budget . . . I love what I do, but the bottom line is that I’m not making enough to pay for myself.”

Yikes! Out of the frying pan and into the fire!

Comments

[Dar]

"He also must pay [his daughter]'s college expenses until she reaches 23 years old."

Say what? I thought all support stopped at 18, or at 19 if the child is still in secondary (high) school? Perhaps he agreed to this as part of the settlement, if it's not required by law, but can anyone tell me if that is normally the case?

Regardless, stories like these make me so glad I haven't married, and that all my "kids" have four legs and are covered in fur! I'm sure Jim Nantz will manage somehow with the millions he retains, but I've seen way too many lesser-earners get raked over the coals by divorce and child support. They'll be working 'til they die because they live paycheck-to-paycheck and will never have enough saved for retirement.

[Eugene Krabs]

Amazing. He has a daughter, and he should just pay whatever it takes to raise her properly, but the girlfriend? Well, I hope she's worth it.

[rdub98]

Dar,

The college tuition is a drop in a bucket, so I can see why he agreed to it. Plus, it is for his daughter, not his ex-wife. He is ensuring that his daughter will have a proper education without the need to take out student loans.

If you think about it, even Harvard is only about $140-160k MAX over 4 years. Compared to $916k per year for alimony, that is nothing.

I never agreed to pay for my son's education in the divorce, but I am going to because as FMF says, it is one of the best things you can do for your own personal wealth in the long term and I want him to have a good start on building his wealth.

[Dar]

rdub98 -- I certainly think it's a good thing for him to do. I'm just curious if it's something that the law compelled him to do.

I don't want my comment to be interpreted as being "anti-child support", because every parent has a moral responsibility to do so, much less a legal responsibility. I was just surprised that he would cover her expenses to age 23.

In any case, I assume it was just part of the settlement package he reached with his wife, and not mandated by the state.

[rdub98]

Dar,

I would think so too. I don't think the law mandates anything but basic child support like you described (18 or 19 depending). Mine is that way.

[MC]

Him agreeing to pay for college probably made her agree to less than the 1.5 million/yr alimony she asked for. A bargain, since college only lasts 4 yrs and not forever.

Why do so many powerful/successful men prefer to marry pretty airheads who have no marketable skills or career plans? You'd think they'd learn. Alimony is rarely awarded (or requested) in cases where both spouses have skills and careers.

[KateMTP]

Wow - that is chunk of his fortune. I have not really followed this story too closely so thank you for the summary.

[David C]

Those who do not remember history are condemned to repeat it. See you in the funny papers Jim.

[Mike Wachowski]

Just saw John Cleese's "Alimony Tour, Year One," a one-man show to help fund a $19.7 million divorce settlement.

Said Cleese: “I got off lightly. Think what I’d have had to pay (my wife) if she had contributed anything to the relationship," such as children or conversation.

[segfault]

I've always thought lifetime alimony was unfair. Why should anyone be responsible for supporting their ex-spouse, like they're still married, for the rest of their life?

[Financial Samurai]

Wow, if Jim can pay THAT much in alimony, he is one RICH dog! I'm very envious! lol

[Mike Hunt]

Some advice for Jim with his new girlfriend...

Rent, don't buy!

Of if you buy, get a pre-nup!

-Mike

[Kirk Kinder]

I think I read about another sports personality with marital issues recently...can't remember quite who.