Dealing with matters of the heart can be difficult, especially when money is involved. Unfortunately, divorces happen every day but everyone doesn’t have to navigate one of the most painful moments of their lives while in the public eye, and considering million-dollar fortunes.
Divorce proceedings can be notoriously expensive due to conflict, disagreements, and frequent miscommunication. To put things into context, the average cost of US divorces is $12,900, with the median rounding out at $7,500. Conversely, if a divorce goes to trial, that can cost the pair on average about $23,300.
Not to mention, the average hourly rate for a divorce attorney is $270 and legal fees can cost $11,300 per spouse when a full-time divorce attorney involved in the matter.
For the top 1%, divorces can be one of the most costliest decisions of their lives.
Here’s a look at some of the most expensive splits in Black Hollywood.
Dr. Dre and Nicole Young
One of the most contentious divorces Hollywood has seen in years has to be between Dr. Dre and Nicole Young. After being married for 24 years.
Page Six reported
that Young (represented by Samantha Spector), filed for divorce on in June 2020 and claims of abuse were made towards Dr. Dre in the filing.
Married in 1996, there was a huge debate as to whether a prenuptial agreement was in place at the time of the nuptials, which left the famed music mogul’s reported net worth of $800 million up for the taking.
After nearly a year of negotiations, it was reported
by The Rolling Stone that Young walk away with a $100 settlement.
Michael Jordan and Juanita Jordan (Vanoy)
The pair met and fell in love in 1985 at a Bennigans restaurant in Chicago after a Bulls game. Four years later, they married in November 1989, and shared a son Jeffrey. Years later, their second son Marcus and daughter Jasmine born. From the outside looking in, the couple was a vision of happiness. However, it wasn’t all rosy. Vanoy filed for divorce in 2002 after reportedly hiring a private investigator that observed Jordan in some compromising situations with half a dozen women from 1992-2002. About a month later, Vanoy withdrew the divorce filing and for four years they tried to make it work. But in 2006, the couple announced their official separation, and Vanoy reportedly
walked away with $168 million.
Nicole Murphy and Eddie Murphy
Nicole and Eddie Murphy married in one of the most buzzed about ceremonies in 1993. The couple stayed together for 12 years, but Nicole filed for divorce in 2005 and was reportedly awarded $15M in the settlement.
Bob Johnson and Sheila Crump
Co-founder of BET and America’s first Black billionaire Bob Johnson was married to Sheila Crump for 30 years before the couple divorced in 2000. One of the biggest divorce settlements in history, Sheila reportedly received an estimated $400 million. Yahoo Finance reported that both have majority stakes in professional men’s and women’s basketball teams among other business assets. In 2005, Sheila remarried to William T. Newman Jr., the judge who presided over her divorce to Johnson.
Lionel and Diane Richie
After being married for nine years, Diane filed for divorce from the ‘Hello’ singer in 2004. According to reports, she asked for $300,000 a month. The pair ultimately settled on a $20 million settlement.
Janet Jackson and Renee Elizondo
They secretly tied the knot in 1991, and remained together for nearly nine years, but Janet Jackson and singer/songwriter Rene Elizondo ultimately split in 1999. Rene wound up taking Jackson to court for spousal support and eventually settled, with Elizondo walking away with $10M.
Russell and Kimora Lee Simmons
After being married for over a decade, model and businesswoman Kimora Lee Simmons and hip hop entrepreneur Russell Simmons parted ways in 2009. It was reported that Russell agreed pay child support for daughters, Ming, 9, and Aoki, 6, at the time of the filing in the amount of $20,000 each per month until the girls turn 19.
This is after Lee Simmons also won sole legal and physical custody of the girls, with monitored visitation for Russell.
Lee Simmons also reportedly received a new car, worth at least $60,000, for the children’s use, until they turn 16 with the car will be replaced every three years.