As high profile celebrity divorces continue to make headlines, people often wonder why these high-asset couples did not have pre-nuptial agreements. Often Hollywood celebrities and high-income Kent residents alike fail to protect their assets with such an agreement before they walk down the aisle.
Lakers' star Kobe Bryant has been in the news lately for his off-the-court happenings, like his high-asset divorce.
His highly-publicized divorce to Vanessa Bryant will reportedly cost him all three of his Orange County, California, homes and $75 million, which amounts to half of the couple's assets.The couple resides in California, a community property state, and they did not have a prenuptial agreement.
Another famous couple who has been in the news lately regarding their split is Katy Perry and Russell Brand. They did not have a prenuptial agreement either, reportedly because they wanted their marriage to be "normal." Now, Perry stands to lose millions; she is worth an estimated $44 million to Brand's $7 million.
While Perry's financial profile can probably afford the hit--and, Kobe Bryant's as well, as the highest-paid player in the NBA--it could have been avoided had they signed pre-nups.
Often, as in the Perry case, wealthy engaged couples choose not to sign a prenuptial agreement because they think that it infringes on the romance of committing to each other in marriage. However, the facts are that the divorce rate is near 50 percent. And, while couples certainly do not want to plan for the demise of their marriage, it is important to safeguard one's assets.
It can be beneficial to think of drafting a pre-nuptial agreement not as a wedding to-do, like picking out flowers and a cake, but rather as a financial chore. One added benefit of creating a pre-nup is that it will help the couple to understand the financial rights and responsibilities associated with marriage.
Those who have high-assets may want to discuss their prenuptial options with a family law attorney in order to determine what is best for their situation. And, it is very important for those who are involved in a high-asset divorce in Washington state to obtain representation from a sophisticated family law attorney.
Source: Forbes, "Kobe Bryant Suffers Real Estate Loss in Divorce," Jan. 25, 2012
Source: Forbes, "Putting Romance Before Pre-Nup Put Katy's Fortune at Risk," Victoria Pynchon, Jan. 18, 2012
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