While most Virginia couples do not have the same financial resources as famous movie stars, they will still benefit from protecting their personal wealth and assets in case of a divorce. A prenuptial agreement allows for this if one’s marriage ends at some point in the future. Sylvester Stallone, an actor in the midst of a divorce, did not have a prenup when he married his wife, and this could cost him a significant portion of his estimated $400 million net worth.
The benefits of a marital contract
A prenuptial agreement outlines how a couple will divide their marital property during divorce. This allows one to shield closely held and separate assets, and it eliminates the need for contentious court battles over assets. Without a prenup, state laws may determine what happens to marital property, or the couple will have to negotiate the terms of an agreement that is satisfactory to both sides.
The divorce petition was filed by Jennifer Flavin, Stallone’s wife. She is requesting that their marital assets be divided between them, which includes things that were bought, earned or collected over the course of a marriage. She also requested that the court grant her a more significant portion of the estate as compensation, based on her allegation that Stallone intentionally dissipated marital assets.
Complex divorce proceedings
Each divorce is different, but each couple may benefit from drafting a prenuptial agreement. A Virginia couple may assume they will never divorce, but this type of contract can provide protection and confidence as they enter marriage. An experienced family law attorney can provide guidance when drafting this type of agreement.