Fields of Dream actor Kevin Costner and Christine Baumgartner have settled their divorce with the prenup enforced and a massive monetary penalty if the prenup is challenged.
The pair were married for nearly 20 years and have been embroiled in a month’s long legal war, with Baumgartner challenging whether prenuptial agreement could still be enforced as it was signed 18 years ago.
The mom-of-three asked for 575 thousand dollars to pay for her lawyers as well as $280,000 for her forensic accountant which would come to a total of 1.26 million dollars; despite already receiving $400,000 to pay the legal costs.
As well as this, Costner’s legal team submitted paperwork to the court saying the actor’s monthly obligation for childcare support should be 63 thousand dollars a month; with Baumgartner waning 248 thousand; ultimately leading to Jude Thomas Anderle to side with Costner.
If Baumgartner challenges the judge, she will have to repaying Costner more than 1 million dollars as well as his attorneys fees.
A prenup is short for a prenuptial agreement and is a formal agreement between you and your spouse; where you set out your intentions on how your finances should be divided in the event of a divorce.
While it is not legally binding in the UK or Wales, courts are continuing to place greater weight on them due to the rise of popularity of them.
Below are five reasons why you should get a prenup: –
1. Protect your assets
The main reason most people get prenups is to protect their assets in the event of divorce. When you enter a marriage, your assets and property become shared with your spouse so in the events of divorce will be divided.
However, a prenup allows you to protect those assets which can be important; especially if you have children to provide for.
2. Avoid financial difficulties
Prenups also allows both parties to set a clear expectation on who is responsible for any liabilities if you do divorce, such as existing debt or financial commitment. Prenups prevents you from repaying any debt that is not yours.
3. Minimizes Conflict
While a prenup cannot eliminate all the pain of a divorce; it can help reduce the conflict by clearly sorting out the financial side of a divorce. With the financial agreements being set out in the prenup, both parties already know they outcomes they can expect.
4. Reduces Costly Legal Disputes
Having a well drafted prenuptial agreement allows you and your partner to quickly resolve common legal issues, which could cause a divorce to drag on; thus, preventing being stuck in costly court battles.
5. Encourages Openness around finances
Prenups encourage you and your partner to have an open discussion regarding each parties’ finances before they marry. As well as this it allows you to establish what you can expect in terms of your financial positions in the future, and help you financially plan better to ensure plans are in the place to cover the possibility of divorce.
How Davisons can help you with prenups
Ultimately however, in the UK, the court decides if a prenup ought to uphold based on circumstances of each case.
Davisons Law can help you with pre-nuptial agreements, by offering expert advice. To find out more please call us on 0808 304 7471 or visit Family Law.