Divorce nowadays just seems to loom around the corner in the life of a married couple in Jefferson, Kentucky, and everywhere in the U.S. Given that most statistics show that a marriage has only a 50 percent chance of long-term success, taking precautions in the form of a prenuptial agreement may be smart, especially for high-profile couples and celebrities.
When it comes to the rich and the famous, getting married means merging a significant amount of assets, income and obligations owned by the couple. For this reason, most celebrities and high-profile couples are entering into a prenuptial agreement before tying the knot. A prenuptial agreement is a marital contract signed before the marriage occurs. This legal document addresses how income, obligations, and financial assets will be split during and after the marriage.
A prenuptial agreement deals with the property rights of spouses over premarital property, marital assets, gifts and inheritances. Spouses also should take steps to create a prenup that deals with the appreciation of the assets during the marriage. That way, the prenup can essentially provide asset protection for each party in the event of a high asset divorce. Financial disclosure is also a must in devising a prenuptial agreement. Both spouses should reveal all sources of income, assets, and properties to one another, including potential earnings in the future. Full disclosure is important to obtain a fair and reasonable share in the property division upon divorce. Without full disclosure, the court might set aside the prenuptial agreement, absolving its efficacy in protecting each spouse's financial security upon divorce.
The potential negative impact of a high-asset divorce can be prevented or, at the very least, minimized by a prenuptial agreement, particularly if a substantial amount of assets are at stake. However, Kentucky residents should note that there are laws that govern the creation of a prenup, which vary widely from state to state. Any violation of the state laws may affect the intended purpose of a prenuptial agreement in the marriage