Given the prevalence of divorce, prenuptial agreements are an increasingly popular way for people to protect assets in the event of a divorce. Most people believe that only celebrities have reasons to have a prenuptial agreement. However, prenuptial agreements are made for anyone that has any assets that need protection in case of divorce. Some agreements also address estate planning issues, alimony, asset management during the marriage and responsibility for debt. Entering into the agreement at or near the time of engagement is highly recommended. In this blog, we will explain the basics of prenuptial agreements by looking at California Family Code Sections 1612 and 1615.
Many people turn to prenuptial agreements as a form of divorce insurance designed to protect them from the worst effects of a divorce. Celebrity Harrison Ford was not one of them, at least during his first marriage. As a result he was ordered to pay ex-wife and screenwriter Melissa Mathison $90 million during their divorce. More recent celebrities seem to have learned Harrison’s mistake and have reportedly worked some interesting provisions into their prenuptial agreements.