Residents of California and across the country who follow the lives of the rich and famous will be interested to know that, according to recent reports in the news and social media, Kim Kardashian of reality television fameand music mogul Kanye West are now engaged to be married. A recent on-line informational article penned by an attorney specializing in family law suggests that the high-profile couple may possibly benefit from a pre-nuptial agreement. In view of the value of each person’s estimated net worth, his at $100 million and her’s at $40 million, the author believes that, without prior agreement, each partner’s worth could suffer considerably in the event of a divorce. The author points out that Kardashian’s previous marriage lasted a total of 72 days. If the couple should decide to enter into a pre-marital agreement, the author outlines some items for consideration. In her opinion, the first item to include would be a full disclosure by both partners that itemizes all of each partner’s current assets.
Next would be an attempt to decide how a future split may potentially harm the brand of each partner. The amount of harm should be itemized in terms of dollars and cents.
She also stated that confidentiality clauses should be part of the agreement in order for there to be a non-disclosure of reasons behind any future separation or divorce. Other issues that may be addressed may include: custody agreements for current and future children, division of assets and income derived from future joint promotional efforts. A ‘sunset clause” could also limit the effective date range of a pre-nuptial agreement, after which local family law rules would apply.
Divorce can be a frustrating and challenging experience for anyone. When significant assets are at stake, it can become even worse. A family law attorney may be able to help many California couples by drafting their pre-nuptial agreement.
Source: Huffington Post, “Kanye West and Kim Kardashian: Reflections on Ironclad Prenup“, Mindy R. Smith, October 28, 2013