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The uses of a prenuptial agreement

| Mar 1, 2017 | Divorce |

A prenuptial agreement might be a good idea for couples in New Jersey who are coming into the marriage with significant debts or assets, who have children from a previous relationship or who own a business. Without a prenup, an individual might find themselves saddled with some of their spouse’s debt after a divorce. Similarly, the assets an individual brings into a marriage could be divided between the two in a divorce. Keeping these assets separate may be particularly important if the person has children because they may want those children to inherit the assets.

For a business owner, a divorce could mean that although the marriage ends, their spouse might be able to own a part of their business. A prenup could prevent this.

Prenuptial agreements could have prevented some hefty payouts in celebrity divorces. For example, reports were that after eight years of marriage, Madonna paid director Guy Ritchie as much as 20 percent of her net worth. This may have been between $76 and $92 million. When Heather Mills divorced singer Paul McCartney, she was awarded nearly $49 million, but this was less than a quarter of the amount she requested. Mel Gibson was worth more than $900 million when he divorced, and he paid his ex-wife more than half that.

A person facing divorce for any reason, including irreconcilable differences, might have signed a prenup but may decide its terms are unfair. They may challenge the prenup in court, and if it is improperly prepared, it may be vulnerable to such a challenge. If a prenup is signed right before the wedding, it may seem that the person was rushed into the agreement. A prenup that deals with issues besides assets and property division, such as child custody, may also be vulnerable.

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