Tag Archives: pre nuptial agreement

Split Second – Quick Divorces

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Split second – quick divorces

image credit: apdk

image credit: apdk

As the old saying goes, you marry in haste and repent at leisure. It is a piece of old wisdom, though, that many celebrities, in particular, appear to ignore. TIME magazine has even compiled a Top 10 list of short-lived celebrity marriages, with the clever intro: Forget “till death do us part” – these celebrities couldn’t even make it a year. Their headline heartbreak story is Kim Kardashian and NBA-player husband Kris Humphries, who headed for the divorce courts after just 72 days of nuptial nightmare.

Given that celebrities are constantly in the public eye – for good and bad reasons, it is inevitable that any romantic shortcomings are going to be highlighted more than your average Joe and Josephine. How else would gossip magazines survive without having any high-profile splits to fill their column inches?

But that’s not to say lightning-quick divorces don’t happen in the real world, too. In the UK you can get a divorce if you have been married at least a year and your relationship has permanently broken down. Once a petition for divorce has been filed the process can take only a matters of weeks or drag on for over a year, depending on the complexities of each case. If custody of children is a consideration or if financial settlements or the reason for the divorce in the first place is being disputed, then the process will obviously not be over in a split second. Routinely, the timescale will be affected by how crowded the Court’s calendar is as well as how cooperative both parties are.

Having a pre-nuptial agreement may also help smooth things long quite considerably. A recent divorce lawyers’ article on “quickie divorces” reported that these arrangements, often glibly referenced in conversations about the rich and famous, may soon become legally binding documents for all.  You can read more here: http://www.blasermills.co.uk/news-and-articles/news/a-quickie-divorce/

As things stand, it is still a widely held belief that should either party require the reassurance of a pre-nuptial agreement then there are clearly trust issues that need to be addressed before either party walks down the aisle.

But, without a shadow of doubt, they are becoming more popular. Clearly, you don’t have to have a Bentley or a luxurious retreat in the Maldives nowadays to warrant one. As the average age of first-time marriages continues to increase, couples tend to have more personal assets of their own which they are becoming increasingly keen to protect against if there are any hitches upon getting hitched. According to a new survey of the American Academy of Matrimonial Lawyers (AAML), 63 percent of divorce attorneys say they’ve seen an increase in prenuptial agreements during the past three years.

Clearly, there are obvious pros and cons and arguments for and against pre-nuptials, but it really does come down to the needs of the individuals involved, and whether you’re a couple where the heart rules the head or vice-versa.

A short marriage, but a longer divorce?

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A short marriage often ends with a longer divorce due to differences of opinion over the financial settlement warns Caroline Bourn, solicitor at Buss Murton Law LLP.

Caroline Bourn comments: “This is highlighted by recent media coverage of Katie Price and Alex Reid’s split as reports claim Alex Reid is seeking a £6million divorce settlement, whilst Katie Price is offering £700,000. Couples can have great difficulty in agreeing what is the right settlement when dealing with a short childless marriage where one person brought into the marriage the majority of the wealth.”

“There is no one size fits all approach to any divorce settlement, as each case will depend on its own individual facts and circumstances.”

“In this case, the starting point of any financial agreement will be to identify the “marital acquest”, or more simply, what was built up during the marriage.”

“For example, in Katie Price and Alex Reid’s case this might include the money from the TV shows or magazine deals they were in together. The marital acquest, once identified, is often shared equally, which then leaves the decision as to what should happen to those assets that were bought into the marriage by one party or were inherited or are business assets, which were the result of one party’s effort.”

“In short marriages, contributions made by either party can prove to be decisive; whilst the longer the marriage lasts, the less weight may be given to those contributions made before a marriage.”

“With a short marriage, there is often not the acceptance that the assets will be divided equally, which is often the case in longer marriages.”

“A contested court case will cost thousands of pounds and could take years to conclude and if Katie Price and Alex Reid wish to avoid this, they would be well advised to find a better way of resolving the finances, such as Collaborative Law. This will mean they have to sit down around the same table with their lawyers and thrash the deal out.”

Caroline concludes: “If either party considers remarrying in the future, they would be well advised to draw up a Pre Nuptial Agreement to protect the wealth they bring to the marriage.”