Readers in Fort Lauderdale may have heard that Bruce and Kris Jenner, of reality TV and tabloid fame, have separated and may be getting a divorce. The couple’s assets reportedly total about $125 million. Couples with that level of wealth often have a prenuptial agreement, which is a contract in which the spouses agree who would get what if the marriage ends someday.
But you do not have to be worth nine figures to get a prenup. In fact, anyone who is bringing significant assets into a marriage should consider having a discussion with their spouse-to-be. Though nobody who gets married plans to divorce, a prenuptial agreement can provide financial protection for both spouses, while minimizing the possibility of a lengthy divorce battle.
A prenup does not have to deal solely with division of property. Spouses can also decide ahead of time on questions such as child custody, child support and alimony. This can be especially important when one or both spouses come into the marriage with children.
Rumors suggest that the Jenners did not create a prenuptial agreement. In some states, an already married couple can draw up a similar document called a post-nuptial agreement. But unless the couple did so, their divorce could become very contentious, as the parties fight over what is and is not marital property.
Though couples may be able to come up with a prenuptial agreement on their own, it is probably smart to have a family law attorney take care of it. Each spouse might want their own attorney, to make sure that their legal rights are represented.
Source: New York Daily News, “Learn from the Kardashians’ mistakes: time to brush up on prenups,” Phyllis Furman, Oct. 14, 2013