04 Nov Avoid Financial Battles in a High Asset Divorce with a PrenupPosted in High Asset Divorce
The high-profile divorce between Kelly Cuoco and her husband, Ryan Sweeting, in another state has taken a complicated turn. As is common in a high asset divorce in Illinois, one spouse is seeking financial support from the higher earning spouse. Sweeting, despite signing a prenuptial agreement, is requesting spousal support from his wife, who makes millions of dollars from her famous television show.
Sweeting is a professional tennis player with a reported net worth of around $2 million, and Cuoco is reportedly worth about $45 million. While it is typical for the lesser earning spouse to request spousal support, the existence of a prenuptial agreement may make it challenging for Sweeting to get the money he is seeking. One month before Cuoco and Sweeting were married, the parties signed a prenuptial agreement, which typically outlines how marital assets will be divided and if any financial support will be given in the event of a subsequent divorce.
Individuals of all income levels can benefit from the protections provided by a prenuptial agreement. However, it is not uncommon for one party to dispute the terms of the agreement during a divorce. An attorney can help an individual challenge the validity of a prenup or seek a court order upholding its terms.
Clearly, a valid prenuptial agreement can protect assets in a high asset divorce, whether in Illinois or elsewhere. It is crucial that these agreements be drafted and executed properly, especially when a spouse makes significantly more than the other and/or valuable assets are on the line. Most people confronting these important issues rely upon an experienced family law attorney to guide them through the process.
Source: Forbes, “Can Ryan Sweeting Score Spousal Support From Kaley Cuoco? The Truth About Prenups“, Danielle and Andy Mayoras, Oct. 21, 2015