Monday, August 1, 2011
Reality television star Kim Kardashian is set to wed NBA forward Kris Humphries, and the couple has apparently begun working on a prenuptial agreement. With almost half of all marriages ending in divorce, more and more couples are opting to sign prenups before walking down the aisle in an effort to protect their individual assets.
Prenups allow couples to set out how their assets will be divided in the event of a divorce. Without a prenup a couple’s assets will get divided according to state law which can follow either a community property or equitable distribution method. If a prenup is properly executed, a couple can override any state laws concerning property distribution.
See Janice Revell, Getting married? Get a prenup, Fortune Magazine, Jul. 29, 2011.
Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.