Avoiding Disputes During a High-Net Worth Divorce
Illinois readers know that divorce is a complicated process, one that is often mired with conflict and stressful disputes. One of the most contentious issues of a divorce is property division, particularly in a high-net worth divorce. For this reason, many high-net worth couples, couples who own a business or those with valuable assets choose the protection of a prenuptial agreement.
The importance of a prenuptial agreement has been illustrated by the high-profile divorce of the famous television actress Kaley Cuoco and her husband of less than two years. The actress and her husband mutually agreed to end the marriage, and reports indicate that a prenuptial agreement was signed just before their 2013 marriage. This will determine how their property will be divided and how much spousal support Ms. Cuoco will be obligated to pay her ex-husband.
The practice of drafting a prenuptial agreement is rather common with wealthy couples, but this legal protection can be beneficial for Illinois couples of all income levels. In case of a divorce, a prenuptial agreement will determine how marital assets will be divided, which spouse will receive spousal support and protect the interests of both parties. As a result, a contentious legal dispute can be avoided.
It is commonly thought that drafting a prenuptial agreement is the equivalent of planning to divorce in the future. However, it has been proved that a prenuptial agreement can actually provide peace of mind, as parties can enter a marriage knowing that their financial interests are protected. It is beneficial to speak with a lawyer regarding how a prenuptial agreement can help prevent disputes in a high-net worth divorce.
Source: ABC News, “Prenuptial Agreement Cited in Kaley Cuoco Divorce Filing“, Sept. 28, 2015