<p id=”par-1_16″><a href=”https://www.cheatsheet.com/news/tori-spelling-first-thoughts-dean-mcdermott-divorce-announcement-instagram.html/”>Tori Spelling and Dean McDermott</a> owe a staggering $1.7 million in tax debt, court documents reveal. </p>
<p id=”par-2_48″>The couple, who filed for divorce in April 2024, must pay $1.2 million to the IRS and $500,000 to the California Franchise Tax Board, according to records obtained by <a href=”https://www.foxbusiness.com/entertainment/tori-spelling-dean-mcdermotts-divorce-settlement-reveals-unpaid-taxes-debt”>Fox Business</a>. Per the final judgment in their divorce, the debt will be split equally between Spelling and McDermott. </p>
<h2 class=”wp-block-heading” id=”h-tori-spelling-dean-mcdermott-can-t-use-divorce-to-outrun-debt”>Tori Spelling, Dean McDermott can’t use divorce to outrun debt </h2>
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<span class=”related-article-flag”>Related</span>
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<a href=”https://www.cheatsheet.com/news/tori-spelling-ex-dean-mcdermott-reveals-finances-court-filing.html/”>
Tori Spelling’s Ex Dean McDermott Reveals Dire State of Finances in Latest Court Filing </a>
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<p id=”par-3_66″>The tax debt isn’t the only bill Spelling and McDermott are still on the hook for. They also owe $37,000 to American Express and still have a balance on a loan from City National Bank. In addition Spelling owes a total of $357,000 to two different private individuals and has $10,228 in uninsured medical expenses. McDermott has a $22,000 student loan and $20,609 in medical debt.</p>
<p id=”par-4_26″>While Spelling and McDermott’s marriage is over, they are both still responsible for the debt they ran up during their time together, attorney <a href=”https://www.kirkerdavis.com/holly-davis/” target=”_blank” rel=”noreferrer noopener”>Holly Davis</a> explained. </p>
<p id=”par-5_43″>“When people get divorced and they have more debt than assets, you still have to divide that debt, just as they would have to divide any assets,” she shared. “They don’t get out of having to pay that debt when they get divorced.”</p>
<p id=”par-6_31″>Davis – who handled <a href=”https://www.cheatsheet.com/news/tiger-king-dillon-passage-says-he-was-in-a-bad-place-when-he-met-joe-exotic.html/”><em>Tiger King </em>star Dillon Passage</a>’s split from Joe Exotic – said that attorneys likely went through Spelling and McDermott’s notoriously messy finances with a “fine tooth comb.”</p>
<p id=”par-7_36″>“Attorneys are going to ask you to submit information about everything you owe and there’s going to be questions asked by your spouse’s attorney about all of the debt and all of the income,” she said. </p>
<h2 class=”wp-block-heading” id=”h-beverly-hills-90210-star-has-been-open-about-her-financial-struggles”>‘Beverly Hills, 90210’ star has been open about her financial struggles </h2>
<p id=”par-8_49″><a href=”https://www.cheatsheet.com/news/tori-spelling-net-worth-dean-mcdermott-slammed-90210-stars-rich-mom.html/”>Spelling and McDermott’s financial struggles</a> aren’t new. The couple, who wed in 2006 and share five children, have been sued multiple times for unpaid debt. The <em>Beverly Hills, 90210 </em>star has admitted she has “bad shopping habits” and never learned to properly manage money due to her privileged upbringing. </p>
<p id=”par-9_60″>“I think it’s fair to say that Tori and Dean’s financial situation is not great, but it’s like a lot of people in America: sometimes you are dividing up more debt than assets,” Davis said. “Especially when people aren’t as popular as they used to be, but their lifestyle expenses haven’t reduced, then they start to take out more loans.”</p>
<p id=”par-10_62″>“It’s probably very embarrassing for Tori and Dean to submit this information to court and for all of us to analyze it, but this is what happens when you have a divorce that’s not settled immediately — some of the dirty laundry and some of your bad financial decisions come back to haunt you and get aired out in public,” she added.</p>
<h2 class=”wp-block-heading” id=”h-tori-spelling-admits-she-s-not-good-with-money”>Tori Spelling admits she’s ‘not good with money’</h2>
<p id=”par-11_91″>Spelling has spoken in the past about her shopping addiction, “hoarding” behavior, and difficulties with money. As the daughter of TV producer Aaron Spelling, she grew up in a massive Beverly Hills mansion and wanted for nothing. But when she started earning a living as a TV actor, no one taught her to plan for the long term. And when her multi-millionaire dad died in 2006, Spelling received a relatively modest $800,000 inheritance. (The bulk of his fortune went to Tori’s mom, Candy Spelling, with whom she has a strained relationship.) </p>
<p id=”par-12_72″>“I don’t want sympathy, but I was taught or I wasn’t taught how to function in the real world and I’m doing the best I can,” she said in a 2024 episode of her <a href=”https://podcasts.apple.com/us/podcast/misspelling/id1738355230″ target=”_blank” rel=”noreferrer noopener”><em>misSPELLING</em></a><em> </em>podcast. “I want to tell you something that’s not going to be shocking. I’m not good with money. I suck with money. I didn’t even know how to write a check until I was in my 40s.”</p>
<p id=”par-13_29″>“All my co-stars were making investments. They were buying properties,” she added. “They were being smart about it. And I didn’t know and I had no guidance at all.”</p>
<p id=”par-14_11″><em>For more news and exclusive interviews, follow </em><a href=”https://www.instagram.com/showbizcheatsheet/” target=”_blank” rel=”noreferrer noopener”><em>Showbiz Cheat Sheet’s Instagram</em></a><em>.</em></p>