Prenuptial agreements are so common that it is surprising whenever word gets out that a celebrity couple lacks one. Katy Perry and Russell Brand; Kobe and Vanessa Bryant; the list continues. Though everyone is entitled to their opinion of prenuptial agreements, or prenups, it is for good reason that people expect celebrities to execute these contracts before saying, “I do.” In fact, even couples who are far from being rich or famous should consider prenups.
Prenups are marriage planning tools. They include both spouses’ financial information and lay out the couple’s wishes for financial consequences in the event of divorce or death. On a basic level, prenups are contracts between spouses dictating each divorcing spouse’s share of the couple’s money and property if they divorce.
Some Famous Examples
For example, Katy Perry is worth approximately $44 million, compared with Russell Brand’s estimated $7 million, according to Forbes. In California, the divorcing couple’s assets and liabilities are generally split down the middle in the absence of a prenuptial agreement, so Brand is likely to get at least $20 million. The result would be drastically different had Perry acted to protect her wealth through a prenup.
The same goes for Philadelphia native Kobe Bryant. According to the L.A. Times, Vanessa Bryant will receive three Newport Beach mansions valued at a total of $18.8 million as part of a private property settlement with the five-time NBA Champion believed to give Vanessa approximately half of Kobe’s assets. A prenup would have protected his estimated $150 million by allowing Kobe to retain a certain amount or percentage of their total assets since he earns exponentially more than her.
Other Purposes
Prenups are much more than wealth-protection devices. They promote stability in marriage by giving each spouse a chance to carefully think about the significance of marriage, clearly understand their finances and consider dreams and goals. Also, when a spouse has children from a prior marriage or relationship, a prenup can pass on property to them in the event of divorce or death. Finally, spouses can prevent disruption of their businesses through a prenup, giving their interest to business partners rather than the former spouse.
Individuals planning to get married should contact a knowledgeable family law attorney who can assist him/her by discussing benefits of a prenuptial agreement and carefully planning for the future.
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