Beyond the Brand-Perry split, the “no-prenup” issue has been in the news lately with the divorce of Kim Kardashian and Kris Humphries, who are arguing over the validity of their prenup. On the line: the $17 million dollars they earned from a televised wedding special—along with her 20.5 carat, two-million dollar diamond wedding ring. In addition, notorious actor/director Mel Gibson, whose just completed divorce from his wife of 31 years cost him $425 million.
But Dickerson says these high profile cases shed light on the necessity of prenups in all marriages. Without one, ex-spouses may end up battling it out in court: a long, drawn-out process that no one wants to endure alongside the stress of a divorce. The premarital agreement often forces young couples to discuss the uncomfortable issues, which they might otherwise have ignored. “A couple might adopt a pet while they’re living together, and figure out what will happen in case they split,” says Dickerson. “But they won’t talk about finances, children, religion and other important topics. A prenup, no matter who brings it up, opens the door to those conversations.”
In many cases, people who have accumulated significant wealth have prenuptials in case the marriage doesn’t work out. Similarly, the other, less-wealthy party will want to make sure they are financially stable if the marriage fails. But Plevy explains there are other reasons prenuptials are vital for all couples:
- Prenups address not only what would happen in a divorce, but also in case of separation or death.
- Prenups force couples to address vital financial issues in case of a split.
- Second marriages and blended families create issues because in a split, everyone wants to make sure their loved ones are provided for in the event of separation, divorce or death.
Often, there’s speculation on whether a prenuptial is contractually binding. Dickerson says they are recognized contracts, but each situation is different and certain situations can be contested. For example:
- If you sign a prenup hours prior to your wedding and it’s under duress or stress, the prenups validity could be argued.
- If confidentiality of the prenup is broken (Kris Humphries is arguing the relevance of his prenup with Kim Kardashin because of an alleged breach of agreement).
- If one party was unable to seek legal advice prior to signing the prenup, a lack of understanding or knowledge of the prenuptial agreements could be argued.
Listen to Kyung (Kathryn) Dickerson discuss prenups and how many parents are encouraging their children to sign one before marrying on WMAL Radio.
