Take “All my Loving” (and my Money too)

by Wendy Alton

Paul McCartney is marrying for the third time—this time to Nancy Shevell. Apparently they have known each other for 20 years, and she has independent wealth of her own. Perhaps this is the reason they have announced they are not going to sign any prenuptial agreements. The media has reported that Nancy has signed a one-page document stating that she won’t pursue any of the trust fund money going to Paul’s children. Other than that, no prenuptial agreement. Good or bad?

Prenuptial agreements are agreements made between couples who are planning on getting married. Those agreements will state what happens with their money and property if they ever divorce or die. It can dictate how they will purchase things and how they will share debt. It can indicate whether or not spousal support or alimony will be awarded if they divorce.

Prenuptial agreements are very common when two people are bringing significant assets of their own into the marriage, or even significant debt. They are also common when people are marrying later in life and they have grown children they want to provide for if they were to pass away. They are common with people who are marrying for the 2nd or 3rd time, or for people who have businesses that they have started or have inherited through the family. They are far more common than they used to be.

For couples that are anticipating marriage, it is very important to at least consider whether or not to have a prenuptial agreement in place prior to getting married. This is particularly important if each person has their own property, investments, retirement and savings. If a couple decides on a prenuptial agreement, they must fully disclose to each other all of their property and debt and the value of each, and must agree to consult with an attorney prior to signing it. They are usually signed prior to the wedding.

And yes, they are drafted for people just like you and me, even if we don’t have royalties from Beatles’ songs at stake.

Read the ABC news story here: Paul McCartney Engaged to Nancy Shevell: Third Time Charmed?

If you are interested in learning more about divorce, or have a question about divorce, please call Wendy Alton at 248-380-9976 or email her at walton@fb-firm.com.