Once Out Of Office, Trump Faces Significant Legal Peril

"Clearly, the president enjoyed immunity when he was in office," said Danya Perry, a former state and federal prosecutor in New York. "And it's possible, as a matter of law, that he could be indicted on January 21."

"His legal risks increase immeasurably come Jan. 21st, both on the civil and the criminal side," Perry said.

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[Federal] Prosecutors...referred to the president in court papers as "Individual 1."

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"Ordinarily, had the target not been a sitting president with immunity, I think 'Individual 1,' as he's referred to, very likely would have been prosecuted along with his aider and abettor, Michael Cohen," Perry said.

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What is clear about Trump's pardon power, however, is that it does not extend to crimes at the state level. And that could prove problematic for Trump in his former hometown.

Manhattan District Attorney Cy Vance has an active criminal investigation into Trump and his businesses. The exact contours of the probe are not clear, but court papers suggest he's investigating possible insurance or financial fraud.

"That looks like it's the most likely place where he could have some criminal liability around taxes, for example."-Kim Wehle, University of Baltimore Law School.

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"It's hard to imagine that Cyrus Vance would have put this kind of effort into investigating Donald Trump while he was president if he was just going to drop that investigation and anything that could come out of that when he is a private citizen like anyone else," Wehle said.