Celebrities seem to have it all figured out. From fabulous parties to vintage cars and attention from the paparazzi, celebrity life is the ultimate goal for many. But there’s something a little less glam about celebrity prenuptial agreements. As a “budget socialite” I thought it possible that celebrities have a different view of prenups. Obviously they have more wealth to protect than others and probably face a greater risk of divorce. But do they think of prenups in the same way as everyone else and is it worth it for others to have these documents? Simply put, a prenuptial agreement is a binding legal contract that defines how parties will divide assets and liabilities in the event of a divorce or death. This can also be known as a premarital or antinuptial agreement. The basic components of a prenuptial agreement consists of:
While prenuptial agreements are not the most glamorous superficial items, they do have a place in many peoples lives. For celebrities, they are a little more than assets and liabilities they want to protect. They are a way of preserving their lifestyles and ensuring their livelihoods are paid out after a divorce or death. This isn’t to say that celebrities are selfish, not in the slightest. It’s just one of the costs of being famous. For celebrities prenuptial agreements serve primarily as financial safety nets. However, while prenuptial agreements are often considered “necessary” for high net worth individuals, they are not viewed as a must among the general public. This is likely due to one of three reasons:
Additionally, the general public lacks access to a greater education around prenuptial agreements. Most people have heard horror stories about prenuptial agreements but, few people have actually seen them or understand why they can be so important. While many celebrities have prenuptial agreements, they are also more willing to discuss their prenups than others. This is likely tied to their drive for publicity, but it’s also tied to their willingness to embrace the truth about prenups. In most cases, these agreements are private, but it’s rare when celebrities openly discuss their prenups, usually this comes in the form of quotes from “sources” around the stars.
One of the most famous celebrity prenuptial agreements is the one between Ben Affleck and Jennifer Garner. Sources reportedly revealed that Affleck did not want to sign a prenup and that Garner was not happy about it. Sources say that Affleck told the press, Additionally, Atticus Shaffer and his bride were a little more open about their prenuptial agreements. During an interview the TV star spoke about how prenups were a way of ensuring that people were marrying for the right reasons and not to extract money from them.
While celebrities have more wealth to protect with prenuptial agreements, prenuptial agreements are far more than just a way to protect wealth and possessions. They are a way of protecting lifestyle and ensuring each party receives the things that they worked hard to achieve. This is why prenuptial agreements are still important to the general public. They work as an accountability tool and are a way of ensuring that both parties have access to a lifestyle of their standards and choosing in the event of a divorce. Essentially, prenuptial agreements protect the things we love and believe to be the symbols of our hard work. And, this is why just like celebrities, everyday consumers should invest in prenuptial agreements the day before the wedding.
It’s true the The Budget Socialite knows how to live in style on a budget. We’ve shared tips and insights on everything from lifestyles of Hollywood stars to finances, credit repair, taxes and beyond. While we encourage consumers to open up the dialogue lines on topics like prenups, we urge them to remember the every good thing comes with a little planning. Little planning does not forgive bad decisions. Little planning does not create life-altering strategies for success and little planning fails to raise the bar on your lifestyle. So, while celebrities may have a firm grip on prenuptial agreements, we hope consumers will join us in investing some time to understand this important issue.
For more information on prenuptial agreements, you can visit Wikipedia.