Upon entering a marriage, a couple with wisdom and foresight may choose to create and sign a prenuptial agreement. A prenuptial agreement can work to the benefit of both parties should the marriage end in divorce. For example, when it has been agreed upon in advance how assets should be divided, it will take less time and expense to finalize the divorce.
As we wrote in a previous post on this blog, it is possible to include specific conditions in a prenuptial agreement, including those that can become active after certain periods of time. This is why it is important for both parties to pay attention to the contents of a prenup as time passes, even if all is going well in the marriage.
The pending divorce of comedian Chris Rock from his estranged wife, Malaak Compton Rock, is a case that demonstrates the possible benefits of staying current with a prenup. The couple had signed a prenup as they entered their 1996 marriage. At some point, the agreement expired.
Now the couple are facing a potential battle over their home and a very large amount of money residing in the bank. Such high asset divorce cases can be protracted and complex. For this reason, it is possible the Rocks may have been able to avoid this prospect had they updated the terms of their prenup.
If you are entering a marriage, you may wish to consider the advantages of drawing up a prenup. If you have been married for a while and have a prenup, then you might want to go over it and see if it still meets your needs. Even if you got married with no prenup, you can create a postnuptial agreement that can serve you in the same manner.
A Texas family law attorney could possibly offer you helpful guidance in matters concerning prenuptial and postnuptial agreements.
Source: NJ.com, "Chris Rock's wife seeking huge payout in divorce, court papers show," Janelle Griffith, June 16, 2015