When a couple decides to get married, they often do not think that they will also get divorced. But for many, deciding to separate after a period of time is a reality. And sometimes planning ahead for that moment can help save a lot of time, money and energy for both parties involved.
For couples who bring a lot of assets into a marriage and continue to contribute financially, the issue of property division during the divorce proceedings can become complicated and a source of contention. One spouse might have brought in more marital property and does not want the other to get half after the divorce. Are there ways for a couple to protect against this type of dispute?
Some couples choose to have a prenuptial agreement. This agreement establishes what happens to which property in the event that the couple separates. Since many states choose to divide property equally or equitably, a prenuptial agreement can make sure that both spouses know what they will get in the event of a divorce.
One recently famous celebrity couple announced their decision to have a prenuptial agreement. Kim Kardashian and her fiancé Kris Humphries, a professional basketball player, were engaged last month. And now as the wedding plans are coming together, the couple has chosen to address the property division issue before they tie the knot.
Both Kardashian and Humphries are worth quite a bit. Kardashian is reportedly worth around $35 million dollars while Humphries’ net worth comes from his salary as a basketball player and properties that his family owns. The couples’ friends agree that a prenuptial agreement is the best way for the two of them to protect their assets just in case their marriage does not last forever.
Source: Denver Post online, “People: Kardashian prenup to protect Humphries’ millions, too,” Lori Smith, 07 June 2011