Drafting an iron-clad prenuptial agreement for Kim and Kanye
It seems that everyone, including people in Orange County, California, expected the recent engagement of Kim Kardashian to Kanye West. Behind the cheers and congratulations being given to the newly engaged couple is also the question on everyone’s mind — will they sign a prenuptial agreement?
This question is not surprising, given that many celebrity couples, like Kim and Kanye, have amassed a fortune in the entertainment industry. That is why considering drafting a prenuptial agreement before a marriage is a smart move. If that is the case, there may be certain things that the power couple may want to take into account. These issues may range from asset protection to confidentiality to disclosure of assets and marital property.
First, Kardashian and West may want to consider how their marriage will affect each other’s branding and earning potential. A potential divorce in the future may impact the couple’s reputation — Kanye’s record sales and Kim’s show ratings. The couple may want to discuss confidentiality clauses and include them in their prenuptial agreement.
Another is a sunset clause. In a sunset clause, if Kim and Kanye are married for longer than a certain amount of time, the prenuptial agreement they both signed can be nullified and the laws of the state of residence will prevail. Ultimately, the prenuptial agreement may protect Kanye’s assets, which are worth nearly $100 million and Kim’s net worth of $40 to$50 million. It may also assess how the property division takes place regarding the joint promotional efforts of the couple during their marriage.
The child support of their daughter can be also be included in a prenuptial agreement.
The financial aspect is not the only issue that can be addressed in a California prenuptial agreement. It may also cover the details of decision-making and clarify the responsibilities and rights of each spouse once they have started their married life together. A divorce can be messy, long and costly for celebrity couples but having a prenuptial agreement may make everything easier.
Source: The Huffington Post, “Kanye West and Kim Kardashian: Reflections on Ironclad Prenup,” Mindy R. Smith, Oct. 28, 2013