I heard they got divorced to protect their money and homes and overall fortune. Makes sense.
Is there a ‘clawback’ in bankruptcy proceedings when you divorce or give away money to hide it from the proceedings?
A divorce won't protect any of their assets from the claims of creditors. The mistake they made is having her in the ad as well. Since they were both in the ad, all of the assets held by her in her name, him in his name and jointly by the two of them will be subject to claims. Again, a divorce will not help in that regard. Had only Tom been in the ad, the personal assets of his wife and any assets owned by them jointly would not be at risk.
Maybe, if only Tom was in the commercial. But they were both in the commercial, so to the extent they may be held liable for being in the commercials, they are both subject to liability, and it does not matter which holds the assets.
While I would be very worried if I were them, I am still skeptical that they will have to pay in the end. A claimant will have to show causation. Certainly institutional investors, which is where the overwhelming percentage of the investments in FTX came from, have no plausible claim that they invested because a jock and model said it was a good idea.
As for individuals, I expect, and hope, that at a minimum they would have to show they had some public reputation for special knowledge. If Tom was touting a medical device that he credited for his longevity as a NFL player, he is claiming personal knowledge of a matter central to his professional career: "trust me, I use this myself as a NFL quarterback, and I have first hand knowledge that it works." But even if the two of them really believed investing in FTX was a good idea, why would anyone think they had any particular knowledge crypto trading, and that the commercial was a personal testimonial, and not just paid shilling?
How would divorce do that given their wealth, whether collective or separate?
Exactly my thoughts. Funny timing and there’s no such thing as coincidences.
Gisele Bündchen by herself is worth $400 million.