The reasons why you should get a Prenup
DRE PAYS $100 MIL TO NICOLE IN DIVORCE SETTLEMENT: Nicole Young is getting a fraction of Dr Dre’s estate. Dre and Nicole just filed their property settlement agreement, in which Dre agreed to pay Young $100 million. (Source: TMZ News, 29 Dec., 2021)
A London judge ordered Sheikh Mohammed bin Rashid Al Maktoum to pay his estranged wife Princess Haya Bint Al Hussein. Dubai’s ruler was ordered to provide his estranged wife and their children at least 554 million pounds ($734 million) in the largest financial award the U.K. family courts have ever seen. (Source: Aljazeera News, 21 Dec., 2021)
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These are some of the recent divorce cashout and payments that were reported in the news because those involved are celebrities and public figures. This goes to show how expensive divorces and judicial separations could be as it can get more expensive especially for the richer spouse who can either be the lady or the man but in most instances it’s always the man.
These huge sums are payments that the court orders a spouse to pay the other partner and it is called “alimony”. Alimony is financial support that a person is ordered by a court to give to their spouse during separation or following divorce for maintenance and taking care of kids, it is generally for spousal support.
Due to these payments of alimony ordered by the court which is usually huge and sometimes it can be half of the wealth of the spouse or even more than as it is whatever amount of the court deemed to be fair and equitable to be granted to the other spouse, People have been asking and consulting their lawyers on how to protect their wealth and estates against divorce or especially “gold digging spouses” who could just want to get married to a rich partner just because that individual is rich and wealthy with the sole aim of divorcing the spouse immediately and running to court for alimony to get a huge split of the spouse’s estate and wealth.
This is where prenuptial agreement comes in.
Rich kids or individuals who have gathered wealth for themselves before marriage are always advised to get a prenup or prenuptial agreement to protect their estates/wealth against future divorces and judicial separation. In the absence of prenuptial agreement you will be subjected to marital laws for the split of properties during divorce/ judicial separation and you never can tell how far the court can go in dividing your estate between you and your spouse in the event of divorce as the court are guided by ‘fairness and equitability’.
What is a prenup?
Prenuptial agreement or prenup is a written agreement entered into by spouses who are about to get married where they agree upon terms and conditions that specify their marital rights when they finally get married. Prenuptial agreement supersedes other default marital laws that would otherwise apply in the event of divorce or judicial separation such as the Matrimonial Causes Act which applies to statutory marriages in Nigeria and the court will only enforce the contents of the prenup. This law (The Matrimonial Causes Act) governs the split and division of property, retirement benefits, savings, and the right to approach the court for spousal support (alimony) etc.
Prenuptial agreement does not only provide for what happens in the event of a divorce or how the properties are to be shared in the event of divorce but it is also entered by spouses to protect some properties acquired during the marriage or some properties which have a sentimental value to a spouse.
It should however be noted that for a prenuptial agreement to be enforceable by the court it must be made in good faith. A prenuptial agreement may be declared unenforceable when such an agreement was made or signed under fraud, made or signed by a partner under duress or undue influence or without adequate disclosure of all the assets and liabilities.
Prenuptial agreement is the only best way ‘legally’ to protect your assets or wealth before embarking into marriage especially in contract marriages or marriages which are not meant to last for the lifetime.