The Benefits of a Solid Prenup (As Illustrated by Kevin Costner)

In an article published 10/19 by Attorney at Law Magazine, Rebecca Palmer writes about the “Yellowstone” actor’s recent expensive divorce proceedings, and how his now-ex-wife’s attorneys advised that challenging their prenuptial agreement would have been a risky gamble. She also explains what a prenuptial agreement is, how it can be beneficial to a marriage, and what it protects.

“Prenups are not just for the ultra-wealthy; people across the financial spectrum increasingly use prenups to prevent a long legal battle,” Palmer wrote. “The goal of the prenup is to identify the assets that you bring into the marriage and what should remain with you if your marriage ends.”

A prenuptial agreement might also be used to protect one spouse from the other’s excessive debt in case of a divorce due to a business venture that goes belly-up or other negative financial circumstances, and it may also explicate whether and how much alimony will be due. It is important to understand that prenup agreements may be amended, though legal counsel should be involved in doing so.

“You always have the option to challenge the prenup during your divorce if you think it was not properly executed or if you would like to renegotiate the settlement,” Palmer writes. “That approach can be a very costly and uncertain process with less than favorable outcomes than abiding by the original document.”

Read the story in full; click here.