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Lack of prenuptial agreement results in huge loss to Buzz

A prenuptial agreement is important for those looking to protect property interests following marriage. In some cases, failing to draft a prenuptial agreement can result in painful losses. Think McCartney! The following is another example of bad planning by a high-profile couple with complex asset division issues, including a family-owned business, and the painful effect of not entering into a prenuptial agreement. Minnesota couples should consider this a warning.

While the comparison to Paul McCartney may not be fair, the end result is the same and that is a huge financial loss. According to recent reports following the iconic astronaut's divorce from his third wife, astronaut Buzz Aldrin is paying a high price for his freedom. One big difference between Buzz and Paul is that Buzz was married for nearly a quarter century before losing everything to his wife. Paul lost everything after just a few years of unhappy matrimony.

According to reports on the terms of the recent divorce settlement agreement, the former wife will receive nearly half of everything. This includes fifty percent of the bank accounts, fifty percent of the annual profits from the business, thirty percent of Buzz's annual income, and close to $10,000 a month in spousal support.

The majority of divorced couples settle their issues through negotiations. This typically includes the parties and their attorneys. In such cases, the attorneys educate their clients about their legal rights and attempt to negotiate the best outcome, while still avoiding costly and drawn out litigation. Some factors that play a role in any discussion of property division are the property laws in the state and whether a prenuptial agreement is present.

New York Daily News, "Astronaut Buzz Aldrin loses half his fortune in divorce settlement with third wife," Christine Roberts, Jan. 7, 2013

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