A pair of high-profile marriage dissolutions from both coasts have thrust premarital agreements into the spotlight.
As their case goes to court in California, Brad Pitt and Angelina Jolie reportedly have an “ironclad” prenuptial agreement dividing their $400 million estate. Together, the actors own more than a dozen properties around the world, and almost all of them were purchased before the marriage. The three properties purchased during the marriage — a New York apartment, New Orleans house, and French vineyard — are divided in the agreement, according to sources.
On the other side of the country, in the Scottie Pippen and Larsa Pippen divorce, the former NBA player asked a court to amend the couple’s premarital agreement to bar alimony payments. Both spouses have accused their partners of infidelity, and Mr. Pippen’s net worth has reportedly plummeted due to poor investments.
Contents of Premarital Agreements
As a general rule, all family law judges strongly favor agreements regarding property division, child custody, and other issues. Typically, voluntary agreements have higher voluntary compliance rates that court-ordered agreements because the parties feel like they had more input into the decision. Furthermore, in cases involving minor children, many judges like to see parents at least try to work out issues between themselves before demanding court intervention, and both the couples mentioned above have several small children (Brad and Angelina have six; Scottie and Larsa have four).
There is also a strong presumption in favor of agreements in the Uniform Marital and Premarital Agreements Act controls such pacts in almost all states, including Florida, California, and Illinois. Such agreements can be overturned only if:
- Involuntary: One spouse must have withheld financial information which was so critical that the signing spouse would not have approved the document had the information been available; the challenging spouse must also prove that the information was unavailable from any other source.
- Unconscionable: The agreement must be so one-sided that it is nowhere near equal; the agreement must have also been unconscionable when it was made, as opposed to one that produces an unconscionable result.
Involuntariness and/or unconscionability can technically void and entire agreement, but most such contracts have severability clauses, so the remainder is still intact if one part is invalidated.
Count on Experienced Lawyers
Premarital agreements can clarify many issues before they become open disputes. For a free consultation with an experienced family law attorney in Schaumburg, contact Glasgow & Olsson. Convenient payment plans are available.
(image courtesy of Aliaça)