The celebrity world was shaken recently with the news of Lori Loughlin and Mossimo Giannulli’s decision to separate after close to 28 years of marriage. Although there are currently “no legal proceedings,” as confirmed by Loughlin’s representative to PEOPLE, the couple is reportedly “living apart and taking a break from their marriage.” This development has left many wondering what lies ahead for the couple and their shared assets, which are estimated to be worth around $80 million.
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With their two daughters, Olivia Jade, 26, and Isabella, 27, now adults, the focus in the event of a divorce would primarily be on the division of property and the potential for alimony. The couple’s involvement in the college admissions scandal has undoubtedly had financial repercussions, as explained by celebrity divorce attorney David Glass and family law attorney Nancy Chemtob. Both Loughlin and Giannulli faced legal consequences following allegations of paying $500,000 to secure their daughters’ admission to the University of Southern California, with Loughlin serving two months in jail and her husband a five-month sentence.
Despite the absence of issues regarding child custody or support due to their daughters being of legal age, the fate of their shared assets, including a significant property in Hidden Hills, remains a key concern. The couple’s decision to sell their Bel-Air mansion and list their current residence for $16.5 million in February adds a layer of complexity to their separation. Additionally, it’s reported that Loughlin and Giannulli may also own vacation properties in Idaho and Cabo San Lucas, Mexico.
As experts suggest, the California law governing community property would likely come into play in the event of a divorce, with assets acquired during the marriage typically divided equally between the parties. Chemtob points out that while the sale of their primary residence could lead to significant capital gains taxes, any additional properties owned separately by Giannulli would not be subject to this equal split arrangement.
The couple’s professional pursuits and individual wealth accumulation over the years further complicate the potential outcomes of their separation. Giannulli, known for founding the clothing brand Mossimo, and Loughlin, who gained fame through her roles in television and film, may have distinct financial interests that need to be carefully untangled in the event of a divorce.
Amidst speculation and analysis of their situation, one thing remains clear – the decision to split after nearly three decades of marriage likely comes with its own set of personal and emotional challenges for Lori Loughlin and Mossimo Giannulli. As they navigate this significant life change, the public awaits further updates on the future of their relationship and shared assets.