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Michael Douglas' Ex Claims Cut from Wall Street 2

By Tanya Roth, Esq. on June 29, 2010 12:37 PM

Community property, the sequel. Diandra Douglas, ex-wife of Wall Street star Michael Douglas, is back in court for a repeat performance. The first Mrs. Douglas is asking the judge for her 50% share of Michael's profits from his repeat performance in Wall Street 2: Money Never Sleeps, the sequel to the iconic Oliver Stone film, Wall Street.

According to a report by E!Online, the settlement from the pair's divorce entitled the ex-Mrs. D to one half of Mr. D's take from any residuals, merchandising, or spin-offs of movies made while they were married. Claiming the second Wall Street outing falls into this category, Diandra Douglas is suing for her share of the take. Greed is good.

Community property is property and earnings accumulated during a marriage. In community property states such as California, Texas and Washington to name a few, as a general principle husband and wife share the community property on a 50/50 basis. For example, the ex-Mrs. D would have received one half of the earnings Mr. D received from the original Wall Street film, as it was made while they were still married.

To avoid having to hand over a share of his earnings, according to E!, the legal team for Michael Douglas is arguing that Wall Street 2 is a sequel, not a spin-off, and therefore cannot be included within the outlines of the divorce agreement.

Manhattan Supreme Court Justice Matthew Cooper is reportedly grappling with two legal issues. First, sequel or spin-off? As noted, one will put the movie earnings in within the parameters for profit sharing, the other does not. The second issue is one of venue or, what is the proper location for the case to be heard? Right now, the case is in the New York courts, but E! reports Judge Cooper is considering sending the case to Santa Barbara, where the couple's divorce proceeding took place.

The next episode will be a hearing, currently scheduled for August.

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