Former Chicago Bulls great and NBA Hall of Famer Michael Jordan tied the knot with long time girlfriend Yvette Prieto last weekend. While headlines focused on the guest list (which included sports luminaries Tiger Woods and Patrick Ewing), legal analysts were curious about the prenuptial agreement the parties ostensibly signed before saying their vows.
The Jordan-Prieto marriage is no ordinary celebrity marriage. Jordan's first marriage (which lasted 18 years) ended in a hotly contested divorce which reportedly cost him $180 million. This is where the old adage "experience is the best teacher" certainly comes into play.
Prenuptial agreements are written contracts between soon-to-be married couples that dictate how their assets will be divided in the event of a divorce. They can identify what is to be separate and marital property, and set clear rules on how property acquired during marriage will be divided. This can be especially important where separate property is commingled with marital property during the course of the marriage.
A perfect example is when a couple incorporates their separate property to purchase something that can be considered marital property (i.e. a home or business).
While our prior posts have focused on celebrity prenups (e.g. Phil Jackson, Khloe Kardashian) we would be remiss if we did not mention that couples are not required to be multi-millionaires (or celebrities for that matter) in order to have a prenup. It only takes a desire to plan for the future and the foresight that comes from experience.
If you have questions about prenuptial agreements, an experienced family law attorney can help.