With the recent news of the separation of Bruce and Kris Jenner of the Kardashian empire, the topic of prenuptial agreements has resurfaced. Allegedly, the couple did not have a prenuptial agreement. This means that their pending divorce may be one heck of a legal battle as the couple fights over their reported $125 million fortune. Colorado couples can learn from this situation by opting to enter into prenuptial agreements before they tie the knot.
The American Academy of Matrimonial Lawyers reports that 70 percent of family lawyers saw an increase in prenuptial agreements between 2005 and 2010. These agreements are not only for the rich and famous any more. As people wait longer to get married or remarried, they are more likely to have assets of significant value that they want to protect. That is where a prenuptial agreement comes in. This legally binding contract overrules the standard divorce rules in a jurisdiction. It can dictate how marital assets are to be divided, spousal support and distribution of assets upon death. The agreement gives the couple the chance to define their rights and obligations related to their wealth before they get married to avoid financial expenses in the event of divorce or death.
These agreements are particularly valuable to individuals who enter the marriage with certain assets that they want to keep separate, such as retirement accounts or businesses. They are also important for individuals who want to protect children from a prior relationship. With children from previous marriages and substantial wealth prior to their union, a prenuptial agreement would have been a good idea for the Jenner couple.
Colorado family law attorneys may be able to help individuals dealing with legal issues. They may be able to draft a prenuptial agreement or postnuptial agreement to protect a person’s legal and financial interests.
Source: NY Daily News, “Learn from the Kardashians’ mistakes: time to brush up on prenups“, Phyllis Furman, October 14, 2013
