Overview
- The final judgment details about $1.2 million owed to the IRS and more than $500,000 to California’s Franchise Tax Board, with at least $600,000 of the IRS debt assigned to each and the state liability split evenly.
- The filing lists additional liabilities including roughly $37,000 tied to an American Express collection account and an outstanding balance with City National Bank stemming from a years-old loan.
- Individual obligations include Spelling owing $288,000 to a private creditor, $69,000 to another individual, and $10,228 in uninsured medical bills, while McDermott owes a $22,000 student loan and $20,609 in medical costs.
- The divorce was finalized on Nov. 13 in Los Angeles, granting joint legal custody of their five children with Spelling allocated substantially more physical parenting time.
- The parties waived spousal support and the court’s future right to modify that decision, while agreeing to cover children’s expenses during their own parenting time and split healthcare and extracurricular costs equally.