Lori Loughlin and Mossimo Giannulli have separated after nearly 28 years of marriage, PEOPLE confirmed Thursday.
The Full House alum’s representative Elizabeth Much said the couple is “living apart and taking a break from their marriage.” She noted there are “no legal proceedings at this time.”
If the couple does file for divorce, there’s a lot at stake financially.
Their combined net worth is estimated at $80 million. The pair share daughters Olivia Jade, 26, and Isabella, 27.
Financial Impact of College Admissions Scandal
Both Loughlin, 61, and Giannulli, 62, have suffered financially since their involvement in the college admissions scandal, according to celebrity divorce attorney David Glass.
“Mossimo’s sales suffering and with Lori losing her Hallmark channel contract” as a result, Glass explained.
The couple was accused of paying $500,000 to get their daughters into the University of Southern California in 2019. They pleaded guilty to wire and mail fraud the following year.
Loughlin spent two months in jail and paid a $150,000 fine plus 150 hours of community service. Giannulli served five months and paid a $250,000 fine with 250 hours of community service.
What’s at Stake in a Potential Divorce
Since their daughters are adults, there won’t be custody or child support issues, Glass noted.
The main questions will be “the division of property and the potential for alimony to be decided.”
“If the parties have a prenuptial agreement, which has become standard in the entertainment and fashion industries, then those issues have already been handled.”
Giannulli built his fortune after founding the clothing brand Mossimo in 1986. He made $1 million in his first year.
Loughlin became famous playing Aunt Becky on Full House. She returned to TV in 2021 with Great American Family’s When Hope Calls and most recently starred in Dick Wolf’s On Call.
The Hidden Hills House
The couple’s main shared asset is a nearly 12,000 square-foot home in Hidden Hills. They bought it in August 2020 after selling their Bel-Air mansion during the scandal.
They listed the house for sale in February for $16.5 million. Eight months later, it’s still on the market at $14.95 million.
The couple also reportedly owns vacation properties in Idaho and Cabo San Lucas, Mexico.
Family law attorney Nancy Chemtob, who specializes in high-net-worth divorces, said the house sale will be “subject to capital gains taxes.” The couple is likely paying an “enormous monthly budget” for upkeep while it sits on the market.
“It appears that the house is a marital asset owned by both parties. Therefore, under California law, community property is the law that prevails, so any assets that are acquired during the marriage would be split 50/50.”
However, Chemtob noted that Giannulli “may have rented a home” on his own, which “would not be part of the 50/50 split.”
Signs of Marriage Trouble
The timing of the house listing and separation tells a story, according to Chemtob.
“If they put the house up in February and now they’re living separately, clearly they couldn’t continue to live together, which says a lot. Most people just wait for a house to sell.”
She speculated they expected the house to sell quickly.
“So they probably thought that the house was going to sell quickly and then [one of them] decided they just can’t continue to live with the other person.”
Chemtob, who has handled high-profile divorces for years, believes the scandal created lasting pressure on the marriage.
“I’m sure that the marriage has been a bad marriage for a long time, but they didn’t want to have another disruption with their kids. I’m sure that they tried to just normalize everything. And at this point, with the kids at the ages that they are, it’s just like, the game’s over.”
The couple tied the knot in 1997.
