Celebrity divorce and the importance of a prenuptial agreement

New York readers may be aware that celebrities Ben Affleck and Jennifer Garner have filed for divorce. Rumors have been circulating for months about their martial issues, but an official confirmation was just released. While most couples do not have the wealth and privilege of a famous couple, even a celebrity divorce can provide lessons regarding divorce, property division and the importance of a prenuptial agreement. 

The two celebrities were married for a decade, which is considered a long-term marriage. This could determine the amount of spousal support that may be granted, as well as the division of marital property. It is assumed that this couple signed a prenuptial agreement, but either party has the right to challenge the terms of an agreement signed so many years ago. It is particularly important for high-income couples to protect long-term financial interests before a wedding takes place.

New York couples, no matter their income level, should note that a prenuptial agreement can be a wise choice. It can take approximately six months to draft an agreement that addresses all pertinent financial issues that may arise during a divorce. Other issues, such as child custody, will be settled in court or through an agreement of both parties.

Before getting married, couples should explore all options available to legally protect their financial interests. A prenuptial agreement can provide many benefits, even if the two parties are not celebrities or extremely wealthy. In order to do due diligence before a wedding, it is best to seek the counsel of a knowledgeable family law attorney.

Source: fortune.com, "What we can learn about prenups from the Ben Affleck-Jennifer Garner divorce", Laura J. Vogel, July 7, 2015

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