What high asset couples should consider in a prenuptial agreement

On behalf of The Walters Law Group, Ltd. posted in Divorce on Friday, November 8, 2013.

Chicago-area fans may wish newly engaged Kim Kardashian and Kanye West well on their marriage. At the same time, they may wish the couple to have a prenuptial agreement to protect their interests, especially when it comes to Kardashian’s track record: Her last marriage ended after 72 days.

A prenuptial agreement makes good sense for the celebrity couple since both have substantial assets they will bring to the marriage. Kardashian is worth an estimated $40 million to $50 million while West is reported to be worth more than $100 million. If they choose a prenup, each should disclose all their current assets, including cash, real estate and other investments. Without a prenup, a bitter divorce could damage either or both of their entertainment empires.

The couple may want to insert a confidentiality agreement in their pre-marital agreement as well to avoid future defamation of character. They may also want to decide how any children they’ll have since that can affect how assets acquired after marriage should be divided. The couple already have a daughter together, but custody would be determined at the time of divorce. While child support isn’t necessarily addressed in prenups, spousal maintenance can be.

Not every engaged couple is as high profile as Kardashian and West, but many Illinois couples bring high-asset finances into a marriage. When both have substantial assets they acquired pre-marriage, it only makes sense to want to protect their investment should the marriage not work out. Each party may want to have its own legal team to make sure their interests are protected. Not doing this can be costly when the marriage doesn’t last.

Source: The Huffington Post, “Kanye West and Kim Kardashian: Reflections on Ironclad Prenup“, Mindy R. Smith, October 28, 2013