When celebrities end their marriages, it often makes front page news. Kansas readers who are contemplating divorce may wonder what they can learn from these news stories about the private lives of famous people. Many celebrities who have been involved in high asset divorce say one of their biggest regrets is that they did not sign prenuptial agreements before they wed.
Former celebrity wrestler Hulk Hogan not only earned a fortune in the ring but also built a successful business empire. He and his former wife divorced in 2009 and did not have a prenup in place. As part of their settlement, Hogan’s ex walked away with a 40% stake in his companies, numerous vehicles and 70% of their liquid assets.
It is important to make sure an intended prenuptial contract is legally enforceable. Film icon Steven Spielberg learned this the hard way after scribbling terms on a napkin and having the woman who would become his first wife sign it. When they divorced, she received $100 million because the court ruled that the napkin agreement was not legally binding.
Actor/comedian/director Chris Rock failed to update his prenuptial contract, which included an expiration date. He divorced after a 20-plus year marriage, and by that time, the contract had expired. To ensure financial protection in a high asset divorce, it is best to plan ahead. A Kansas family law attorney can explain applicable laws and procedures pertaining to prenuptial agreements and can provide support to help a concerned client protect his or her interests.