In Stamford, there are many people with significant assets that they will want to shield in a divorce proceeding. This could be from an inheritance, owning a business, through personal achievement and accrued in multiple other ways. Often, these individuals will have a prenuptial agreement crafted prior to the marriage or a postnuptial agreement after the marriage. They do this to ensure their assets are protected. Understanding these agreements and potential challenges is a vital concern in a divorce.
Music mogul and wife embroiled in divorce and prenuptial agreement dispute
The music entrepreneur Andre Young (AKA Dr. Dre) is in the middle of a dispute over a prenuptial agreement he had with his wife Nicole. According to her, the prenuptial agreement is invalid because it was destroyed after they got married. Mrs. Young is seeking a separate trial in the divorce because she disputes whether the agreement is enforceable and valid. She claims that she initially signed the agreement in 1996 before the marriage and it was done under duress.
Not long after the marriage, he is said to have torn up the agreement, which she claims is an acknowledgement that it was unfair and should not be considered as the divorce moves forward. Dr. Dre, whose net worth is reportedly around a billion dollars from his music career and Beats headphones, says that the agreement remains valid and that Mrs. Young’s assertions that he destroyed it are inaccurate. The Beats headphones were sold to Apple for a massive sum, accounting for his financial advancement to billionaire status.
Understanding prenuptial and postnuptial agreements
A prenuptial or postnuptial agreement is not to deprive the other person of a fair settlement in a divorce. It is to make sure the person who entered the marriage with substantial assets or accumulated major assets after the marriage is not taken advantage of in the event of divorce. Many times, people either ignore the importance of these agreements and leave themselves vulnerable, or do not create a document that will withstand legal scrutiny in a divorce. For wealthy people who are getting divorced and have such an agreement, it is wise to have legal assistance if the other party is claiming that it should be set aside. Consulting with attorneys experienced in high-asset divorce is imperative.