Why Celebrities Run Into Money Trouble
Private Wealth Services partner Alby Salaman was quoted in a US News & World Report article titled, "Why Celebrities Run Into Money Trouble".
Alby Salaman, chair of Holland & Knight's private wealth services group for the mid-Atlantic region and lawyer to several NBA and NFL players, says his clients are often asked by friends for money. "They call in their chips. There are all sorts of distant relatives who have really sad luck stories," he says. Having a financial adviser can help because the celebrity can say, "I'd like to give you the money, but I've been with this adviser for a really long time, and he'd kill me if I did that."
Salaman also urges his clients to develop prenuptial agreements before marriage, because divorce law can be so "murky." Says Salaman, "In all the states I know about, if you get divorced, then the property you bring into marriage is still your own separate property, but marital property, which is the earnings after the date of the marriage, can be split up to fifty-fifty."