Categories: Estate Planning

Prenuptial Agreements: Not Just for the Rich and Famous

Are they? Aren’t they? They won’t! They will! Robert Pattinson of the Twilight franchise fame and fiancée FKA twigs are reportedly avoiding a prenuptial agreement. The path of true love is littered with the wrecks of couples who didn’t think they needed to have a prenuptial agreement, and when the crash and burn happened, everyone got a good look at the complete train wreck. It’s not just the rich and famous (or infamous), or reality TV couples who need to cover their assets. A prenuptial is the smart choice and may even prevent both parties from making some dumb ones.

WHY ENGAGED COUPLES SHOULD HAVE PRENUPTIAL AGREEMENTS?

Prenuptial agreements are very similar to wills, another document that intelligent couples will make together. When you think about it this way it’s less a contentious document and planning for failure then it is covering your bases and making sure that you are both committed. If you have a blowout fight over a prenup, it’s probably a good idea to take a look at your relationship and think about the long-term. In much the same way as a will, a prenup divides the assets of the marriage between both parties. In most states there is already a law governing the division of assets when a marriage is being dissolved. Fair or not, that’s how it’s done. This document, like a will or living trust, is not a DIY job. You’re going to need a lawyer for this, one for each of you.

  1. This is a binding legal document. There must be full disclosure of both parties’ assets, liabilities, income, and property.
  2. The agreement must be written, executed, and witnessed – preferably by a notary though requirements in your state may be different.
  3. A prenuptial agreement cannot excessively and explicitly favor one party over another. This risks the agreement being voided if it comes to court.
  4. The conditions in the marriage may change over time, so as with a will the agreement should be revisited from time to time. Especially in the face of life-changing events such as bankruptcy, incapacity, and children in the marriage.

Cautionary Tales

The public has a very short memory when it comes to celebrity bust-ups. Cautionary tales abound of those who thought that their love was so pure they did not need a prenup to protect their interests.

  • Russell Brand and Katy Perry. The comedian and the popstar wed in an elaborate ceremony back in 2010, and shortly after filed for divorce. Because of California’s community property law, money and property acquired after the marriage is split 50-50.
  • Kelsey and Camille Grammer’s split came after his heyday on “Frasier” with those $1.6 million per episode paydays during the last few seasons.
  • Mel Gibson’s fortune was estimated at $900 million when he and Robyn were divorced after 28 years of marriage. With no prenuptuial and community property laws on her side, $450 million is probably the minimum she deserved for putting up with him.

Couples who plan to be together for the long haul take the trouble to plan. While it is as unpleasant to consider divorce as it is death, it is vital to your future that you do so.


Get More Information on Prenups in South Florida

If you are engaged or looking to get engaged, now would be a good time to talk to someone for advice on the subject. Speaking with an experienced attorney at Van Horn Law group will help you put together the documents you need for the foundation of your future.

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Published by
Chad Van Horn

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