The television show "Fox & Friends" recently aired a segment regarding prenuptial agreements. A legal analyst for the Fox News station stated that most divorces today do not involve a prenuptial agreement, but that there are certain groups of people that have a greater chance of having a prenuptial agreement. These two groups are those who are older when they enter into marriage and those who have already gone through a prior divorce.
The legal analyst also stated that the most important thing when drafting a prenuptial agreement before marriage is a total disclosure regarding both parties' liabilities and assets. The analyst also said that both of the parties involved in the agreement should have their own lawyers. There have been a few cases of very rich people who have divorced without a prenuptial agreement.
Michael Jordan divorced his wife Juanita Jordan without an agreement and she ended up with $168 million, a third of his assets at the time of the divorce. Paul McCartney's wife, Heather Mills, was awarded $48.6 million after their divorce in 2008. The divorce of Steven Spielberg and Amy Irving involved a prenuptial agreement but it was declared invalid because it was on a napkin. Amy Irving received 100 million.
Prenuptial agreements are very important for protecting the assets and interests of both spouses. A prenuptial agreement can make divorce proceedings far easier than they would usually be and reduce emotional stress and financial uncertainty throughout the process. When handling a prenuptial agreement both parties should retain their own family law attorney to ensure their best interests are protected. Prenuptial agreements can also be used to determine future alimony and even discuss potential child custody arrangements.
Source: Huffington Post, "Prenup Tips: 'Fox And Friends' Tackles Prenuptial Agreements", July 18, 2013