The importance of prenuptial agreements in high asset marriages
There have been several very high profile divorces over the past decade. For example, Michael Douglas and Catherine Zeta Jones split, Guy Ritchie and Madonna broke up, Sir Paul McCartney’s marriage to Heather Mills lasted only five years, and Juanita Jordan divorced in 2002.
Unfortunately, only Catherine Zeta Jones and Michael Douglas followed the advice of friends, family and their attorneys and signed a prenuptial agreement. This prevented multiple property distribution problems from occurring because they agreed to terms before getting married. The other couples, however, had their property distributed according to their state’s divorce law.
McCartney lost a reported $35 million according to E-magazine, Madonna had to give a substantial chunk of her fortune to Ritchie, and Michael Jordan lost $168 million plus a home in Chicago during his divorce. All of this could have been prevented with a premarital agreement.
Kim Kardashian and Kris Humphries Sign Prenup
Anyone who has turned on their TV or walked by a magazine stand knows that Kris Humphries recently wed Kim Kardashian. The two had serious discussions and entered into a prenuptial agreement where both agreed to how their property would be distributed should their marriage not work out.
This will particularly benefit Kim in the event of a divorce, as E-magazine reports she is worth $35 million, compared to Kris’ $8 million net worth.
Is a Prenup Right For Me?
Not many Americans have millions of dollars, but prenups can still provide middle-class individuals with peace of mind that their property will be protected if the unforeseeable occurs. For example, many people have precious family property or may inherit wealth down the road. Prenups are able to protect property acquired in the future which benefits nearly everyone.
People who have questions about premarital agreements or those wishing to obtain a prenuptial agreement should speak with an experienced divorce attorney to discuss their options and to ensure their prenup is enforceable down the road.
