Tagged as billionaire
BILLIONAIRE DONALD BREN WINS CHILD SUPPORT CASE AGAINST HIS ADULT KIDS
Billionaire Donald Bren has WON his back-child support case against his two adult children. I. AM. SHOCKED!!!
I do think that the amount of money his children were asking for was outrageous. But I also think that what he paid was on the low side. I thought the jury would have awarded them something in the middle of that.
However, they sided with Mr. Bren. As I suspected, Bren feels that the best gift a father can give his children is an education, and he’s paid for their college. He doesn’t believe in spoiling children with money. I can totally see that he’s like that, based on what is going on with another of his children who owes millions in back taxes. And there is something to be said for that philosophy. I am totally against parents buying Mercedes Maybach’s for their sixteen year olds and showy things like that. That is totally ignorant and embarrassing and sends the wrong message to a child.
But. I still think Bren could have been just a little bit more generoous. The children and their mother Jennifer McKay Gold have vowed to appeal. The question is going to be whether the child support formulas should apply equally to high net worth parents as it does to low income parents. We have argued that the answer to that is “no.” But because the state of California does not appear to have a set formula to determine what high net worth individuals are responsible for, I think the Appellate Division should definitely remand the case to the lower court for the lower court to make that determination so that future cases can be adjudicated with more certainty on this issue.
I mean, it seems that Bren and McKay Gold had a written agreement. So that could be decisive. At the same time, what about future cases involving really rich respondents where there is no written agreement. How do we quantify the child support obligations for the extremely wealthy, both millionaires and billionaires alike? That is the question.
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