We try to make it a point to not focus too much of our blog attention on the divorces of the rich and famous. They don't tend to reflect the kind of divorce situations that most Minnesota couples are facing. But there are times when aspects of high-profile divorces provide valuable insights into the issues that can arise.
Marriage is more than an agreement between two people to pronounce their love and share their lives. It is also a legal partnership that comes with certain responsibilities and rights. This is why more people in Minnesota and around the country are requesting prenuptial agreements in order to safeguard their separate property in the event of a subsequent divorce. Various age groups also have differing views on these legally binding contracts.
An impending divorce between oil executive Harold Hamm and his wife Sue Hamm could be the most expensive divorce in American history. Hamm is worth an estimated $11 billion, due largely in part to his 68 percent stake in the oil company Continental Resources. With no prenuptial agreement, Sue Hamm may be entitled to half of Harold's 68 percent stake, leaving the oilman without control of the company and with $5 billion less in the bank.
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.
Before exchanging vows, Minnesota couples may weigh the benefits of obtaining a prenuptial agreement. The primary reason to have a prenuptial agreement, according to family law observers, is that it allows the couple lay out their property division and financial future in the event that they decide to get divorced down the road.
Everyone has likely heard of a prenuptial agreement. For couples with complex financial holdings, such as a family-owned business, a prenuptial agreement is an important tool to protect pre-marital assets, like financial holdings and property interests, in case of a divorce. In addition to the prenuptial agreements, more and more couples are beginning to sign a new legal document known as a postnuptial agreement.
Facebook's co-founder, Mark Zuckerberg, married Priscilla Chan one day after Facebook went public. Zuckerberg is currently worth an estimated $20 billion. Though there has been no confirmation, many financial and divorce professionals believe the social media guru signed a prenuptial agreement with his wife.