$400K per month

That’s the retroactive child support award sought by the children of California billionaire Donald Bren:

The suit, which heads to trial this week, was filed by two grown children from a former girlfriend of Mr. Bren’s, Jennifer McKay Gold. According to an article in the L.A. Times, they are seeking retroactive child support of $400,000 a month, even though Mr. Bren already spent $9 million in child support for the two over the years.
Why are they asking so much? Well, the obvious answer is because the 78-year-old Mr. Bren is loaded, with a net worth estimated by Forbes at $12 billion. Mr. Bren’s relationship with the girlfriend ended in 1997, and the suit suit was filed in 2003.
“He’s paid millions of dollars, and now 15 years later [Ms. Gold is] coming out with an oral promise that she told no one about,” Mr. Bren’s attorney told the Times. “She’s just trying to get more money out of him.”
Yet the children say that even though Mr. Bren was paying $10,000 a month for each of the children in child support, he would have had to pay more under formal child-support rules, which are based on formulas that take into account the parent’s income and spending. And according to the children, Mr. Bren was spending $3 million to $5 million a month to support his own lifestyle.

In Canada, child support payments are based on the payor’s income, unless he can establish that undue hardship would ensue. (At a minimum, he would be required to prove that his household standard of living is lower than that of the recipient.)
So, how much would a Nova Scotian have to earn to pay $400,000.00 a month for two children? According to our DIVORCEmate software, around $35,700,000.00 per year. Gulp.

One thought on “$400K per month

  1. dcardno says:

    $35.7 Million per year is actually a little less than Mr Bren has earned, though. With a net worth of $12 Billion at age 78, he has increased his worth by $153.8 Million every year of his life (assuming that his fortune was self-made, not inherited).
    Must be nice to be in the position that someone makes such demands…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s