Readers who have their fingers on the pop culture pulse will undoubtedly be aware the singer Kanye West and reality television star Kim Kardashian are preparing to tie the knot. The wedding, which will take place in May, will likely attract the attention of news outlets across America.
Before they take the plunge, however, Kim and Kanye have reportedly decided to take an important pre-marital step: they have agreed to sign a prenuptial agreement and negotiated the terms.
Prenuptial agreements are legal documents that outline some of the divorce terms if the couple ever decides to separate. Issues related to the division of assets, spousal support and control of family-owned companies can be settled in advance using a prenuptial agreement.
In the case of Kim and Kanye’s agreement, the terms involve some staggering amounts of money. If the two stars separate, Kim will receive $1 million per year in spousal support for up to 10 years. She will also be allowed to retain control of any jewelry she is given, and the house that the two are building together.
Both spouses are entering this marriage with considerable assets, though Kanye appears to have more. The prenuptial agreement, then, sets terms that would allow for an equitable split. It also helps both spouses understand the financial implications behind a divorce if they should ever choose to separate.
It’s a common saying that celebrity marriages never last; perhaps that is why prenups are so common among celebrities. In an uncommon twist, it appears that Kim requested the prenup in this case, not Kanye. A source reported that he was willing to enter into the marriage without one, a move that would have left a large amount of his wealth unprotected in a divorce.
Prenups are not just for rich celebrities, however. Regular Minnesota couples can benefit from prenuptial agreements as well. For example, if you have inherited a piece of family real estate, and you wish to ensure that the property remains with your family, you can protect it using a prenuptial agreement. This also goes for assets or heirlooms you wish to pass down to children from another marriage. In these cases, prenuptial agreements are an excellent tool for ensuring your important assets remain with you, so they can always be kept in your family.
Source: The Examiner, “Kim Kardashian Kanye West prenup: Kimye agree to prenup ahead of wedding” Effie Orfanides, Mar. 09, 2014