In our previous post, we discussed prenuptial agreements and the benefits that go along with using them. In this post, we will discuss celebrities who recently took advantage of entering into a prenuptial agreement.
Kim Kardashian and Kris Humphries were recently married. Although divorce was the last thing on their minds as they entered into marriage, together they agreed that they would protect themselves and their assets, just in case. Both of them have substantial assets and expect increasing future income, so it was expected that the couple would enter into a prenuptial agreement.
Protecting their assets by using a prenup makes a lot of sense in this case. Kim Kardashian has amassed a personal fortune of $35 million. Her NBA player husband earns a salary of between $8 million and $16 million.
Assuming Kris Humphries continues in his basketball career, his income could increase. For Kim Kardashian, the prenup not only protects her own fortune, but also protects her businesses and her family who are intertwined with her businesses.
Only time will tell whether this celebrity marriage will last, or whether it will end in divorce. With a thoughtfully drafted and properly executed prenuptial agreement already, a divorce between the two celebrities will be more straightforward. They will be able to avoid many of the pitfalls of division of property that can happen when substantial assets are not protected by a prenup.
If the couple has children together, however, any issues surrounding those children, such as child custody and child support will still need to be determined at that time. These matters would not have been addressed in the prenuptial agreement.
Although some people consider prenuptial agreements to be a bad thing, they can be very useful. As this celebrity story illustrates, a prenuptial agreement can remove some of the stress associated with getting married if you have significant assets.
Source: Los Angeles Times, “Kim Kardashian, Kris Humphries have a prenup (Can you say ‘duh’?), Aug. 24, 2011