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Hailey Baldwin and Justin Bieber are seen out and about in London where they visited a coffee shop and went for a stroll. (London, England, UK) Photo by: KGC-320/441/STAR MAX/IPx 2018

While the celebrity buzz of the week is that Justin Bieber and Hailey Baldwin were secretly married earlier this week, the even bigger news is that they may not have signed a prenuptial agreement. With Justin’s net worth estimated at $265 million and Hailey’s at $2 million, that's a tremendous imbalance of wealth.> Depending on how the marriage turns out, this could result in a big payday for Hailey down the road.

While Justin and Hailey may be young and in love – and throwing all caution to the wind – no one with any substantial assets should follow their lead. Here are 10 things every person should know about prenuptial agreements.

  1. The basics. A prenuptial agreement is a private agreement between a couple signed before they get married which sets forth the division of their assets in the event of divorce or death. Each state has its own laws regarding the enforcement and validity of prenuptial agreements. Which state’s law to apply depends on where the marriage took place, where the parties live during the marriage and what law the agreement says to apply. Often, couples in this situation will seek out the laws of the state that will be most beneficial in carrying out the terms of the prenup.

  2. Fairness matters. In most states, the agreement has to be fair, the parties have to fully disclose their assets, and the parties each need their own attorney.

  3. Circumstances dictate fairness. The idea of fairness depends on the unique facts and circumstances surrounding each couple. Would it be fair if after 20 years of marriage, Hailey walks away with only the $2 million she brought into the marriage and no alimony? Probably not, particularly if she has adjusted to a certain lifestyle and now has children to raise. It would be to Justin’s advantage to give the agreement “teeth” – to make sure Hailey is provided for adequately while still protecting his assets.

  4. Full disclosure is required. Typically, the parties also have to fully disclose their assets. That is not hard to do here since one can google each of the parties and find out their estimated net worth. But in many states it still needs to be set forth in the agreement. Also, some states look at each party’s expected inheritance. One day Hailey may inherit money from her famous dad, Stephen Baldwin, or from any of her well-known uncles, and that expected inheritance might need to be disclosed in the prenup.

  5. Get your own counsel. Justin and Hailey should each have their own attorneys to represent them regarding the prenuptial agreement. Some states require it. Justin does not want the prenup to be thrown out down the road just because Hailey did not have an attorney.

  6. Think ahead. Presenting your intended with a prenup the week before the marriage is not good practice, and in some states could be used to overturn the prenup. For that reason, the idea of a prenup should be raised long before the marriage.

  7. Premarital assets are usually off limits. Prenups often state that any assets brought into the marriage remain that person’s separate property. If Justin and Hailey had executed such an agreement, Justin would walk away with his $265 million. A prenup could also state that any assets the couple earned during the marriage are marital property subject to division. So any monies earned by Justin or Hailey during the marriage are divided between them. Many clients find this approach fair and reasonable; however, each prenuptial agreement is tailored to the couple’s unique assets and the terms they agreed to.

  8. Setting the terms for alimony. In most instances, the agreement will either waive alimony or not address the topic. If alimony is waived, it means that one party cannot seek alimony from the other in the event of divorce. Hailey could not get alimony from Justin, and vice versa. If the topic of alimony is not raised in the agreement, then either party could go after the other for alimony.

  9. Till death do us part. Most prenups will allow each party to leave their separate property to whomever they want, while requiring some provisions for the surviving spouse. For instance, if Justin dies first, his estate plan can leave most of his assets to other family members, friends and charities, but it can and should provide sufficiently for Hailey.

  10. Children are off the table. A prenuptial agreement cannot provide for or limit child support or rights related to children. Courts and legislatures do not let couples bargain away the rights of their children.

Thankfully for Justin and Hailey, it is not too late to get the benefits of a prenuptial agreement. Depending on state law, they may be able to enter into a postnuptial agreement, which is signed after the marriage. The basic components of a postnuptial are the same as a prenuptial, although postnuptial agreements may be harder to enforce depending on the state, and some states require consideration. Consideration is something of value that one party gives to the other to induce him or her to sign the agreement. That could be cash, real estate, stock, or other assets.

With any marriage, but particularly with high-profile celebrity marriages, the old mantra of “hope for the best, but plan for the worst” always rings true. Along with our well wishes, let’s offer the happy couple a levelheaded suggestion to enter into a postnuptial agreement.

 

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Hailey Baldwin and Justin Bieber are seen out and about in London where they visited a coffee shop and went for a stroll. (London, England, UK) Photo by: KGC-320/441/STAR MAX/IPx 2018

While the celebrity buzz of the week is that Justin Bieber and Hailey Baldwin were secretly married earlier this week, the even bigger news is that they may not have signed a prenuptial agreement. With Justin’s net worth estimated at $265 million and Hailey’s at $2 million, that's a tremendous imbalance of wealth.> Depending on how the marriage turns out, this could result in a big payday for Hailey down the road.

While Justin and Hailey may be young and in love – and throwing all caution to the wind – no one with any substantial assets should follow their lead. Here are 10 things every person should know about prenuptial agreements.

  1. The basics. A prenuptial agreement is a private agreement between a couple signed before they get married which sets forth the division of their assets in the event of divorce or death. Each state has its own laws regarding the enforcement and validity of prenuptial agreements. Which state’s law to apply depends on where the marriage took place, where the parties live during the marriage and what law the agreement says to apply. Often, couples in this situation will seek out the laws of the state that will be most beneficial in carrying out the terms of the prenup.

  2. Fairness matters. In most states, the agreement has to be fair, the parties have to fully disclose their assets, and the parties each need their own attorney.

  3. Circumstances dictate fairness. The idea of fairness depends on the unique facts and circumstances surrounding each couple. Would it be fair if after 20 years of marriage, Hailey walks away with only the $2 million she brought into the marriage and no alimony? Probably not, particularly if she has adjusted to a certain lifestyle and now has children to raise. It would be to Justin’s advantage to give the agreement “teeth” – to make sure Hailey is provided for adequately while still protecting his assets.

  4. Full disclosure is required. Typically, the parties also have to fully disclose their assets. That is not hard to do here since one can google each of the parties and find out their estimated net worth. But in many states it still needs to be set forth in the agreement. Also, some states look at each party’s expected inheritance. One day Hailey may inherit money from her famous dad, Stephen Baldwin, or from any of her well-known uncles, and that expected inheritance might need to be disclosed in the prenup.

  5. Get your own counsel. Justin and Hailey should each have their own attorneys to represent them regarding the prenuptial agreement. Some states require it. Justin does not want the prenup to be thrown out down the road just because Hailey did not have an attorney.

  6. Think ahead. Presenting your intended with a prenup the week before the marriage is not good practice, and in some states could be used to overturn the prenup. For that reason, the idea of a prenup should be raised long before the marriage.

  7. Premarital assets are usually off limits. Prenups often state that any assets brought into the marriage remain that person’s separate property. If Justin and Hailey had executed such an agreement, Justin would walk away with his $265 million. A prenup could also state that any assets the couple earned during the marriage are marital property subject to division. So any monies earned by Justin or Hailey during the marriage are divided between them. Many clients find this approach fair and reasonable; however, each prenuptial agreement is tailored to the couple’s unique assets and the terms they agreed to.

  8. Setting the terms for alimony. In most instances, the agreement will either waive alimony or not address the topic. If alimony is waived, it means that one party cannot seek alimony from the other in the event of divorce. Hailey could not get alimony from Justin, and vice versa. If the topic of alimony is not raised in the agreement, then either party could go after the other for alimony.

  9. Till death do us part. Most prenups will allow each party to leave their separate property to whomever they want, while requiring some provisions for the surviving spouse. For instance, if Justin dies first, his estate plan can leave most of his assets to other family members, friends and charities, but it can and should provide sufficiently for Hailey.

  10. Children are off the table. A prenuptial agreement cannot provide for or limit child support or rights related to children. Courts and legislatures do not let couples bargain away the rights of their children.

Thankfully for Justin and Hailey, it is not too late to get the benefits of a prenuptial agreement. Depending on state law, they may be able to enter into a postnuptial agreement, which is signed after the marriage. The basic components of a postnuptial are the same as a prenuptial, although postnuptial agreements may be harder to enforce depending on the state, and some states require consideration. Consideration is something of value that one party gives to the other to induce him or her to sign the agreement. That could be cash, real estate, stock, or other assets.

With any marriage, but particularly with high-profile celebrity marriages, the old mantra of “hope for the best, but plan for the worst” always rings true. Along with our well wishes, let’s offer the happy couple a levelheaded suggestion to enter into a postnuptial agreement.

 

Source : https://www.forbes.com/sites/christinefletcher/2018/09/18/10-things-you-need-to-know-about-prenups/

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