A recent “Fox & Friends” show hosted legal analyst Bob Massi, who supplied advice on prenuptial agreements for people in New York and across the nation. He indicated that since about half of all marriages end in divorce, anyone considering marriage should get a prenup. He added that people who are remarrying and those who are taking the big step later in life often get prenups in order to make the division of assets easier.
He reminded people that they should report all of their assets and liabilities when they draw up a prenup. They also need to use their own attorneys. According to the Marriage Foundation, about 45 percent of first marriages end in divorce while 31 percent of second marriages dissolve. Men’s online magazine AskMen.com surveyed 20,000 men, and 95 percent of them see marriage as an important life goal while 8 percent think a woman should sign a prenup.
A number of billionaire couples have divorced without prenups. Steven Speilberg and Amy Irving supposedly wrote their prenup on a napkin, but a judge ruled that it was invalid. Heather Mills is to receive about $48.6 million from Paul McCartney since they didn’t have a prenup. Richard Mellon Scaife, a conservative media mogul, didn’t have a prenup when he and Margaret “Ritchie” Scaife wed, so she was awarded an undisclosed amount of money. Sumner Redstone, the main owner of the parent companies of CBS, Viacom and MTV, divorced his wife Phyllis after more than 50 years of marriage. She was awarded about $100 million. Juanita Jordan won $168 million when she and Michael Jordan dissolved their 17-year union.
When a couple is planning on marriage, a prenup can benefit and protect both parties. A family law lawyer might be able to help clients draft this important document.
Source: Huffington Post, “Prenup Tips: ‘Fox And Friends’ Tackles Prenuptial Agreements“, July 18, 2013