Prenuptial Agreements in Tennessee: Not Just for Celebrities Anymore
Prenuptial Agreements in Tennessee
Prenuptial Agreements in Tennessee: Not Just for Celebrities Anymore
It seems like a new story breaks every other day about another celebrity couple ending their marriage. Tabloids and news outlets explode with speculation after a petition for divorce is filed. As a country we are fascinated by the crumbling marriages of the individuals we hold up as pseudo heroes. The questions of what went wrong, who is responsible, and what will happen next fill the air for days or weeks following an announcement of a split. The couple will often issue a statement requesting privacy and sensitivity during a difficult time. And then the radio waves and news outlets often go silent.
Why? The answer is often ironclad prenuptial agreements. Celebrities and other high net worth individuals often smartly insist on protecting their assets in a marriage. While each state’s laws on divorce are different, the general principles hold true across state lines. Namely that absent some agreement otherwise (a prenuptial agreement) all assets held by either person will be split evenly if the marriage is terminated. Celebrities know that agreeing to a division of assets and earnings before a marriage can lead to a quick and clean divorce down the road if need be.
Take Katie Holmes and Tom Cruise for example. Their attorneys announced a mere 10 days after Ms. Holmes filed for divorce that a settlement had been reached with respect to the division of their assets and the custody of their six-year-old daughter. The ability of their attorneys to reach an agreement in a divorce involving a multimillion dollar estate and custody of a child in just 10 days is highly unlikely without the presence of a prenuptial agreement. Without a prenuptial agreement this settlement could have dragged on for months despite the assistance of skilled attorneys.
On the flip side of the coin, another celebrity couple that recently divorced was Katy Perry and Russel Brand. The wed amid worldwide fascination and plenty of fanfare, they also wed without a prenuptial agreement. The whirlwind romance and quick divorce isn’t what makes this split remarkable. What is remarkable is that because there was not prenuptial agreement Mr. Brand would have been entitled to 50% of Ms. Perry’s assets under California law but instead chose not to take any money from his former wife in their divorce agreement. If he had attempted to collect what he was entitled to under the law he could have walked away with nearly $20 million dollars. Ms. Perry was lucky, much luckier than most people.
What we encourage people to remember is that a prenuptial agreement is merely a contract entered into by both individuals before they are married. It doesn’t mean you love each other any less, it merely means you love each other enough to make sure you are both protected no matter what happens down the line.
In most states in order for the prenuptial agreement to be valid it must be in writing and must be entered into freely by the parties. Several states have enacted the Uniform Premarital Agreement Act which provides guidelines and requirements for premarital (prenuptial) agreements and their enforceability. Tennessee has not enacted the Uniform Premarital Agreement Act but prenuptial agreements are enforceable in the state.
In Tennessee prenuptial agreements are popular with high net worth individuals, people who have previously been married or people in a relationship where there is an extreme difference in the financial assets of the two people involved. These agreements can cover the division of property, income, alimony, retirement benefits and other difficult legal issues. Clauses with respect to child support and custody however, are not enforceable in Tennessee.
We strongly recommend that you consult with an attorney if you are considering getting married and drafting a prenuptial agreement. Because of the drastic impact an agreement like this can have on your future if your marriage doesn’t succeed it is important that you consult with an attorney familiar with the laws in Tennessee governing marriages and divorces and the application of those laws in real life.
We all hope that our marriages will last a lifetime, but in the event they don’t it is important to make sure everyone is protected. An experienced and local attorney can ensure that your agreement is drafted property, protects the interests of both people and complies with the laws of Tennessee.
Prenuptial agreements are also described as antenuptial or pre-nuptial agreements. For more information, see Tennessee Prenuptial Agreement Pros and Cons in Family & Divorce Law.
Germantown Tennessee divorce lawyer, Miles Mason, Sr., JD, CPA practices family law exclusively and is founder of the Miles Mason Family Law Group, PLC, which handles Tennessee family law matters including divorce, child support, alimony, and alimony modification. With offices in Memphis, Tennessee, the firm represents clients in Germantown, Tennessee and the surrounding west Tennessee area.
