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Actor Is Messy With Money

[Blind Gossip] A woman recently sought financial advice in dealing with her fiancee.

It turns out that her fiance made a lot of money as a child actor. He continues to work in the industry today and is about to sign a lucrative new contract.

However, her fiance has not handled his money wisely over the years. The woman is worried about how that will impact their impending marriage.

From MarketWatch:

My fiancé made a lot of money as a child actor, but now his income is choppy. Would I be on the hook for alimony if we divorced?

I am 50. My new fiancé is 52. We have both been married once before. We will not be having children.

Actor may or may not have children from previous relationship/s.

In his industry (entertainment), his income ebbs and flows. Great years must be managed to offset not-so-great years. 

He has no set medical, retirement plan etc.  Quite frankly, he came into a great deal of money in this industry as a kid, traveled the world but really never had anyone to help manage through it (set up future retirement plans, etc.).  

His first wife enjoyed the lifestyle, but they were both young jet setters enjoying a side of life that seemed impossible for a poor kid. Today, he is still very active and is in the middle of securing a lucrative contract, but largely went through life without planning/saving.  

Although he is an actor, but his situation reminds us of other celebrities who were not smart about how they handled their money.

Hello, MC Hammer, who went broke spending over $70M on necessities like a gold hot tub!

Hello, Nicolas Cage, who blew through $150M on staples like dinosaur skulls!

Hello, John Daly, who spent over $50M gambling!

These are good examples of people who made absolute fortunes… but wound up in serious financial trouble.

Back to our worried future bride.

I am in corporate America with a healthy income, and it is stable. I have had benefits, including retirement and other investments along the way. I followed “the rules” with saving. I have equity in my home, life insurance and have had a couple of nice investments that treat me well.

On paper, I appear far more established than he does. My income is traceable and my accounts up front. He makes a lot of money internationally, a lot of cash deals for production etc, and does have some formal contracts like the one noted above.

It is interesting that she points out that her income is traceable because it implies that his is not.

If Actor is an American citizen doing cash deals and/or earning income overseas – and not declaring it to the IRS – she may also be legitimately worried about legal problems and her liability for that.

My point: If there were a divorce in the future, I would stand to lose half potentially because my income and wealth is up front and trackable: Equity, established retirement accounts, savings, etc. Moreover, I would have to pay alimony.

A prenuptial agreement could potentially solve the equity, retirement and savings but it may not deal with the alimony piece. If we were to divorce after say a two-year lull in his income, the judge would see my very stable three years of income.

The judge may conclude the divorce would leave him in a lifestyle different than he had become accustomed to in marriage and, therefore, I would pay alimony. In short, later marriages have more to consider than a first marriage at 25.

My question is whether marriage with a prenup or a domestic partnership with a contract would be best for us. Unfortunately, I am not young enough to have to split my retirement in half and work long enough to make it up again.

This is not a bet in a failed marriage, it’s about planning in case the unforeseen happens.

Thanks in advance.

The Fiancée

In summary, we have an adult actor who started out as a child actor… is about to sign a lucrative new agreement… is around fifty years old (ages are often changed for these kinds of items)… and is divorced.

Who could it be?

Not Leonardo DiCaprio.

Similar: His Life Is Very Different Now

Actor:

[Optional] Do you think she should marry Actor? What advice would you give her?

Reader Interactions

Comments

  1. NoseyNana2008 says

    I must have misunderstood the woman’s question about kids. I thought she was concerned she could be held responsible for any child support her future spouse may owe/incur. In our state, the ex’s new spouse’s income is considered; it can lead to an increase in the amount paid, or she could have to pay it while he is unemployed.

  2. darkredd says

    No idea about this one but if anyone is seeking advice like this before getting married I’d say probably not the best idea to go through with it.

  3. amagod121 says

    Every single concern she brought up is a real red flag. I am surprised that after writing this, she did not hear the overwhelming alarm bells that this man’s behavior sets off. If she is swayed by romantic love, she should know that it is usually lust or infatuation to start with and once the honeymoon phase is over, then reality kicks in. Most people work diligently to keep the love alive & well but how will she if he is blowing thru her $$$, legally or otherwise?

  4. QubbuQ says

    Given the details shared, it sounds to me like you know a domestic partnership with contract is best, & I agree. If it’s a healthy love & lasting, he should understand & be supportive of that. If there’s a lot of struggle when you suggest that then sadly, you have to listen to what that indicates for your future. You worked hard on your very different path to secure a comfortable old age. That’s important. Marriage should benefit both- love itself doesn’t need marriage for proof of it.

  7. monkeemind says

    Peter “A Christmas Story” Billingsley is the right age — and played Messy Marvin. He’s been engaged for a while but not married yet …

  8. CaintGetEnuff says

    Rick Schroder fits the best. Been in films and TV since his pre-teens, still working, has a new projectas a director

  9. MelvintheReanimated says

    Anthony Michael Hall. Just signed deal to a new Netflix show and has the new Halloween movie coming Is 53, could account for a bit of age fudging by a year or so.

  12. chicagofix says

    I get the impression this is not someone who is dead broke, fire financial straits. It’s also someone who would have worked enough as a kid to make significant money – someone with a primary role on a long running show like Jaleel White or David Faustino.

  13. lila8245 says

    So many former child actors now in their 50s are even in that industry now, and most that are don’t fit this blind. (Jason Bateman’s the right age, but has been married to the same woman for 20 years)

    First thought was Joey Lawrence, but he’s in his 40s, his fiance is a lot younger, and supposedly an actress. My second guess is Rick Schroeder (51).

  15. lilmisscanada says

    In California, you can absolutely waive and/or spousal support in a prenup so this can’t be an LA couple.

  18. ItsBouquet says

    Not sure who it is, but these are legitimate worries. My advice: no need to marry him. They aren’t having kids and there’s too much to lose.

  19. mzlizzi says

    Back out of it, Lady.

    You both have different financial style. Plus, you don’t sound in-love with him.

  21. MLBfan says

    IDK who this blind is about and I’m not going to guess b/c the “future bride” (at 52, HA HA) sounds nauseating and the less I know about her, the better. “I am in corporate America with a healthy income.” Who says that? It sounds like she is a nobody and wants to hitch her wagon to his star, but is worried that he’ll POSSIBLY spend some of her money at some point. J**us, lady, then don’t get married! What a phony and a bore. If I were Actor I would run, run away.

    • elbeth says

      I mean, do you stop being a bride at a certain age? What age is that and what do you turn into? Also, people writing in for financial advice usually talk about their careers and income. She doesn’t seem at all impressed about his job. I don’t get the animosity here.

    • MLBfan says

      elbeth– fair questions. I think “bride” connotes someone with joyous expectations and an understanding that the future is unwritten, same as the word “groom”. A wedding should be a celebration of a new beginning, so if you are going to hammer out the financial details and try to reduce your vulnerability in all ways humanly possible, you’re missing the point of a wedding, and marriage. Perhaps they should enter into a contracted partnership that benefits them both, with no surprises.

    • SueSue says

      This letter originally ran in a financial advice column so it makes sense she would disclose her financial status. And brides come in all ages-all that word means is a woman who is about to or has just gotten married.

    • lila8245 says

      Not sure I understand the purpose of your post. So, no woman who is in their 50s is allowed to speak about her own professional achievements, or is allowed to get married?

  22. Lilyco says

    Were I in the Lady’s shoes I wouldn’t consider marrying this man without a prenup. And if either of these people have children I’d make damn sure that serious discussions and legal plans are in place for inheritances. Not saying that either person or their kids (if any) are unreliable or untrustworthy however it’s just plain best for everyone to have their cards on the table and for the kids to know what to expect. That will help to prevent disappointments and angry feelings.

  23. Searon says

    Nothing ironclad about a pre-nup. Even if it is, the legal fees alone would cost a fortune. Advice? Both in your 50s. Save the future.
    Don’t marry?

  25. yourbrwneyedgirl says

    Actor sounds sketchy as hell. Successful lady should find someone on her own level or at the very least don’t get married and keep his paws off her money.

  26. CheetoFingerz says

    Joey Lawrence ?

    If she is that concerned, then she shouldn’t marry him.
    If it doesn’t work out she could loose half of everything.
    The institution of marriage initially was a business contract to combine assets to preserve it for future generations.
    Somwhere it has been romanticized.

  27. Melvin says

    Could this be Macaulay Culkin?

    What advice would you give her? Keep Naloxone in every room of the house.

  28. the skeptic says

    Dunno who this is, but if she is already concerned abt finances, being self-sufficient and all, then she needs to keep walkin’. Esp if she is using a two-year time frame as an example…walk on, ma’am, both for his sake as well as yours.

  30. aaaMemo says

    Well, I’m 50 so this actor is my age. Child stars my age are Ricky Schroder, Gary Coleman, Henry Thomas, Anthony Michael Hall, the Coreys, that age group. I can’t think of anyone that is about to sign a lucrative new deal. It must be someone obvious because so few child actors from back then are even in the industry, nevermind signing lucrative deals.

  31. SadieR says

    No idea who it is, but she shouldn’t marry, if she’s concerned that doing so might leave her poor in her old age.

  32. silence1534 says

    When I read this, my first thought was Rick Schroeder. The age is a hair off, though, he turned 51 in April.