After making it through the holidays, many couples decide a new year is a good time for new beginnings and file for divorce …. including Kim Kardashian and Kanye West. Will their divorce be different than your average West Michigan divorce? How will their divorce be different and how will it be similar?
The West/Kardashian couple may have started their marriage by entering into a prenuptial agreement. A prenuptial agreement is an agreement that outlines how assets and debts will be divided in the event the couple divorces. One reason couples enter into a prenuptial agreement is to minimize the conflict and cost of contentious litigation.
Understanding Prenuptial Agreements in Celebrity Divorces
Having a prenuptial agreement in place does not guarantee that Kanye West and Kim Kardashian will not engage in some dispute resolution or litigation. When a couple files for divorce, either spouse may contest the prenuptial agreement. The prenuptial agreement could be set aside when the couple and their attorneys did not follow the law when drafting the agreement. For example, Michigan law requires both spouses to disclose all assets, debts and income prior to agreeing to and signing a prenuptial agreement. Kanye and Kim’s home state will likely have similar requirements.
Another area where divorcing couples with a prenuptial agreement in place end up having a dispute is when they acquire joint marital property. Couples buy a home together without having this event addressed in their prenuptial agreement, couples end up co-mingling their assets, or they invest in additional assets that are not specifically addressed in the prenuptial agreement. Any jointly held marital assets will need to be addressed and divided during negotiations or litigation.
Even with a well drafted prenuptial agreement, some disagreements about the property division are still possible. When West and Kardashian married, West purportedly had a lot more money. According to Forbes, West had an estimated net worth of around $100 million while Kardashian’s net worth was $30 million at the time of their marriage. It would have been quite reasonable for the couple to agree to a alimony payment in their prenuptial agreement. Since 2014, when the couple married, Kardashian has been busy and successful. Her fortune grew from approximately $30 million to around $370 million. Similarly, her annual income grew to $49.5 million per year. One would think this decreased her need for alimony.
Contact Kraayeld Law to Understand Your Prenuptial Agreement Options in Michigan
If you have questions about a prenuptial agreement, let’s start with a conversation about your options. Call one of the divorce attorneys at Kraayeveld Law at 616-285-0808 to schedule a consultation.