Premarital assets are almost always off-limits.
Prenuptial agreements frequently indicate that any assets brought into the marriage remain the individual’s specific property. If Justin and Hailey had signed such a contract, Justin would have received his $265 million. A prenup could also declare that any assets acquired by the couple during the marriage are marital property that must be divided. As a result, any money made by Justin or Hailey during the marriage is divided equally between them. Many customers think this method to be fair and acceptable; nonetheless, each prenuptial agreement is customized to the couple’s specific assets and the parameters they agreed to.
Establishing the terms of alimony.
In most cases, the agreement will either waive alimony or make no mention of it. If alimony is waived, one party cannot claim alimony from the other in the case of a divorce. Hailey was unable to obtain alimony from Justin and vice versa. If the issue of alimony is not addressed in the agreement, any party may seek alimony from the other.
We will be together until death does us part.
Most prenups allow each person to leave their possessions to whoever they choose while making arrangements for the surviving spouse. For example, if Justin dies first, his estate plan may leave most of his assets to other family members, friends, and charities, but it can and should care for Hailey.
Children are not permitted.
A prenuptial agreement cannot provide for or limit child support or child rights. In addition, couples cannot bargain away their children’s rights in courts or legislatures.
Fortunately for Justin and Hailey, it is not too late to obtain the advantages of a prenuptial agreement. Depending on state legislation, they may be eligible to engage in a postnuptial agreement, which is signed after the marriage. The essential components of a postnuptial agreement are the same as those of a prenuptial agreement. However, postnuptial agreements may be more difficult to enforce depending on the state, and certain states demand consideration. Consideration is the value one party gives to the other to persuade them to sign the agreement. This could be in the form of cash, real estate, shares, or other assets.
The classic adage “hope for the best, but plan for the worse” applies to any marriage, especially high-profile celebrity weddings. So along with our best wishes, let us provide some good advice to the happy couple: engage in a postnuptial agreement.
