Antonio Banderas will pay $65,000 in monthly alimony to his ex-wife, fellow actor Melanie Griffith, as part of their divorce settlement. The property settlement accounts for two different periods in the couples marriage. From 1996 to 2004, the marriage was governed by a separation of assets. In 2004, the couple signed a post-nuptial agreement agreeing to split their earnings moving forward.
As a result, Banderas will keep all the money he earned up to 2004 from some of his most popular films, while, after that date, the two actors will split the earnings they made from various projects. Not only will Banderas pay spousal maintenance to Griffith, she will keep the couple’s house in Aspen and a Picasso painting. All’s well that ends well they say and having a pre or post nuptial agreement certainly helps when relationships sour.
Wealthy individuals typically enter into premarital agreements to ensure assets are separate property and to limit or waive spousal support. Because wealthy people that marry have significant assets and income prior to marriage, they generally want to keep those assets and income as their separate property.
Most people think a prenuptial agreement is only needed when one spouse has significant assets and the other doesn’t, but that is not the case. Even if you are not wealthy, there are a many reasons to consider a premarital agreement. Consider if your soon-to-be-spouse is carrying a lot of debt, for example. A prenup can protect the spouse without the debt from becoming liable for the debt if the marriage ends.
If one partner owns a business, a prenup makes sense as it can protect the spouse who owns a business, and his or her business partners, from a battle over the business if there is a divorce…Your business partners will likely breathe a sigh of relief for your foresight.
Leaving the workforce, even temporarily can wreak havoc on your future earning potential. If you plan to leave the work force to raise the children, a premarital agreement can protect the spouse who left a job by putting in place a financial arrangement to allow him or her to get back on their feet.
And finally, a prenuptial agreement can protect family assets like a family home, land or art that is intended to be passed down in that person’s family. Imagine a situation where your spouse is awarded the home you were raised in as part of a divorce settlement and consider how a prenuptial might head this off in a divorce. With that in mind, a premarital agreement is probably a good fit for most couples.
If you would like more information regarding Illinois premarital agreements, contact the Law Offices of Schlesinger & Strausss, LLC. for help.