It was back in June when Dre. Dre and Nicole Young announced that after 24 years of marriage, they decided to file for divorce. While initial reports claimed the two did not have a prenup together, People Magazine recently reported that Dre. Dre has revealed that the couple actually does. While prenuptial agreements are used to address the division of assets in the event of a divorce, Young is allegedly asking for spousal support and a division of property.
TMZ reported that while Dr. Dre is “fine with paying Nicole spousal support,” he says that “any distribution of property should be governed by their prenuptial agreement.” While it isn’t clear what is outlined in the prenup, TMZ says Dre’s estimated worth is $800 million. Although child custody and child support issues won’t need to be addressed as the couple’s children are adults, it could take time to settle the division of assets as the two likely acquired a significant amount in marital property while together.
Although prenuptial agreements were once common among the wealthy, individuals from all social classes are now utilizing these legal documents prior to tying the knot to ensure their assets are protected in the event they divorce. Prenups aren’t only a great way to protect assets you are entering into the marriage with, but they can also “preserve assets for children from a previous marriage” and even protect a business you may wish to keep in the family [Source: AARP].
Another benefit of a prenup aside from the obvious is that if, at some point into your marriage, you and your spouse decide you no longer want to the terms in your prenuptial agreement to stand, you can write up a postnuptial agreement that outlines different terms. A postnuptial agreement is very similar to a prenuptial agreement. Two key differences between the two include:
- A postnuptial agreement is entered into after you are married rather than before.
- You would need to take into account all the money and property you acquired after getting married and decide what would happen to it in the event of divorce or death of one or both of you.
Now, if you live in Alabama and have questions about getting a prenuptial agreement written up, the Alabama family law attorneys at Hill, Gossett, Kemp & Hufford, P.C. are ready to address your concerns. While prenuptial agreements may not be suitable for all couples, it certainly cannot hurt to gather as much information as possible so that you can make an informed decision as to whether you need one or not.
Disclaimer: No representation is made that quality of legal services provided is greater than the quality of legal services provided by other attorneys.
Hill, Gossett, Kemp & Hufford, P.C. can be reached at:
2603 Moody Parkway, Suite 200
Moody, Alabama 35004
Phone: (205) 640-2000
7900 Parkway Drive
Leeds, AL 35094
Phone: (205) 699-5500
6441 U.S. Highway 11
Springville, Alabama 35146
Phone: (205) 467-2225