When the rich and famous get divorced their divorce settlements usually involve millions. Slice.ca lists 20 of the costliest celebrity divorce settlements of all time. For example, according to The Guardian, media mogul Rupert Murdoch's divorce from his second wife Anna Torv cost him $1.7 billion. The Daily Mail reported that Mel Gibson’s wife and mother of their seven children received approximately $850 million as part of their divorce settlement. Wondering what other celebrities had to pay large settlements, click here.
Many of the celebrities cited in the article were married before they became rich and famous. Those that married after their financial success may have avoided some of the emotional and financial fallout of their divorce if they had entered into a Prenuptial Agreement prior to their marriage. It appears that all of these famous couples did enter into settlement agreements, enabling the couples to decide on the terms of their marital dissolultion rather than letting a judge decide the terms of their marital dissolution during a public trial.
Attorney Geraldine Hess, and Hess Family Law can assist clients with the negotation and preparation of Prenuptial Agreements or Settlement Agreements.
Couples who do not have Substantial Pre-Marital Assets can Benefit from a Prenuptial Agreement.
Most people believe prenuptial agreements are only for the wealthy. However, even couples who do not have substantial pre-marital assets can benefit from a prenuptial agreement. Jason Marks posted an article on Huffington Post, Prenups: Not Just for the Wealthy, where he outlines reasons couples should consider a prenuptial agreement.
1. Protect Future Earnings: A well drafted agreement can protect future earnings of a spouse’s business should the marriage fail.
2. Avoid Future Debts: A prenuptial agreement can address the parties’ respective liabilities and ensure that the debts of one party do not become the responsibility of the other.
3. Provide for Children from a Previous Marriage: Because spouses have certain rights to IRA accounts, life insurance policies and other assets, a prenuptial agreement can provide that these assets be left to the children, rather than to the spouse.
At Hess Family Law we believe that there are additional reasons couples should consider having a prenuptial agreement. Should the parties decide to separate, an artfully drafted prenuptial agreement can address who will move out, the conditions of the move, and the timing of the move. Such a provision will protect the party wanting a divorce so he/she will not be hindered by the other party refusing to separate. If the parties decide to use one party’s non-marital residence as their marital home but the intent is for the home to remain non-marital property, an agreement can state that any payments made by the other party toward the mortgage, maintenance, and/or improvement of the property will be considered a gift and not cause the property to become partly marital.
At Hess Family Law we can help you determine whether a prenuptial agreement is right for you, and if so, we can draft an agreement that will protect you and your assets should your marriage end in divorce.