Lessons to Learn from Chris Rock’s Divorce
All divorce proceedings can prove stressful and complex. This is especially true when at least one of the spouses has a significant amount of wealth. To prevent contention and disagreement in the event of a divorce, Chris Rock and his then fiancé had signed a prenuptial agreement. This agreement, commonly known as a “prenup,” was designed to streamline the divorce and protect Rock’s finances. However, since they were married back in 1996, his agreement has expired.
It is common in a prenup involving clients with large amounts of assets to have sunset provisions. These are terms of the prenup that are only applicable for a certain amount of time. This allows the wealthy spouse to protect his or her assets if the marriage does not last. Some sunset provisions allows the wealthy spouse to protect the majority of his or her wealth for many years while other provisions may allow the entire prenup to expire.
It is common for an agreement to allow one spouse to have a percentage of assets after a certain number of years. As more years pass, that percentage may go up. This protects individuals from losing their assets to someone who only wanted a short marriage to get rich quick. Many of these agreements, however, can expire.
This is why it is advisable to revisit prenuptial agreements every few years. Some people do not even know that their agreement expires. A simple review with a Pennsylvania divorce attorney could prove enlightening and useful. Some couples find that their financial situation has changed and the original agreement is no longer applicable.
There are many assets that should be titled a certain way in a prenup. There are also many mistakes that you may have made in the creation of your agreement that make it invalid. A quick yet thorough assessment by a knowledgeable lawyer who has successfully handled high-asset divorce cases could end up saving you a lot of money and stress.