It looks like we’re back to 808s and heartbreak as Kim Kardashian and Kanye West have ended their marriage after six years. While many fans are mourning the loss of this Hollywood couple, it has others wondering–What do their marital assets look like and what is Kim getting out of her settlement? Take a look at what we can learn from the “Kimye” prenuptial agreement.
What We Can Learn From the Kim & Kanye Divorce
Citing “irreconcilable differences” as the reason for the divorce filing, Kim Kardashian and Kanye West did not undergo separation ill-prepared. The two had created a prenuptial agreement and the divorce filing illustrated that neither Kim nor Kanye had intentions to seek spousal support or fight over property.
Instead, they created a premarital agreement outlining the assets, obligations, etc. of each party. For example, Kim would receive $1 million for every year that she was married to Kanye and keep all of the gifts he gave her during their time together. In addition, the couple will also stay in their respective homes in Calabasas and Wyoming. Further, Kim also filed for joint custody of their four children, including legal and physical custody of North, Saint, Chicago, and Psalm.
Though it has been speculated that Kanye’s failed presidential campaign and very public breakdowns took a toll on the couple’s relationship, sources report that the divorce has been amicable.
But what can we learn from the end of another Hollywood love-legacy? Create your prenups and leave no stone unturned in listing your wants and needs.
Of course, most of us aren’t award-winning models, television personalities, and multi-millionaires. But we do have assets we likely aren’t willing to lose if our marriage ends.
What Can Be Included in a Pennsylvania Prenup?
Whether you own your own business, have inherited a family heirloom, or perhaps you have been self-made, you will want to know before saying “I Do” that these assets are protected.
In Pennsylvania, a prenuptial agreement allows you to dictate how certain actions will be carried out through the marriage including:
- Who will own/operate the business ventures
- How retirement benefits will be dispensed
- Guidance on tax filings
- Who will manage household expenses
- Create and implement spending limits
- Contributions to shared savings
- Conflict resolution such as mediation or arbitration
Remember, prenuptial agreements are meant to protect financial elements of the relationship–not emotional ones. So, that means your prenup cannot contain provisions like:
- Divorce incentives
- Personal rules (ie. how children will be raised, the behavior of each spouse, etc.)
- Child custody (this is because the court gets the final say–but that doesn’t mean you can’t create a provision on how such disputes are handled, such as arbitration, mediation, etc.)
While your divorce may not include such high stakes as the Kardashian-West marriage, there are things a Pennsylvania couple can learn from the duo. If you are considering divorce or are about to get married, the creation of a postnuptial or prenuptial agreement can end up saving you in the future.
Kimye May Be Over, But Your Legal Needs May Just Be Starting.
If you need assistance creating a prenuptial or postnuptial agreement, or if you have questions about whether an agreement would be appropriate for your situation, contact us. Our Scranton prenuptial agreements lawyer Craig Kalinoski will review your situation during a free family law consultation and recommend the best course of action.