The uncertainty of the future of any marriage or de facto relationship comes with it the desire to create a prenuptial agreement to avoid a costly financial settlement in the instance of divorce or separation.
What we see in the media are more and more quirky ways individuals are adding “lifestyle clauses” to dictate what occurs both during and after the marriage or relationship, to ensure that both partners are on the same page.
So, without further ado…. The Strange Celebrity Prenups we’ve come across….
It is no surprise that a large percentage of couples do not survive adultery. Whilst most of us would like to believe infidelity will never happen within our own marriages, there is that ever so slight chance that it could.
Luckily for Denise Richards, she had an infidelity clause within her prenuptial agreement with former husband Charlie Sheen, which left her with over $1.75 million in settlement and an extra $55,000 a month in child support payments when their relationship ended due to Sheen’s infidelity.
Many other celebrity couples have followed suit, with Jessica Biel having a prenuptial clause that states that if husband (Justin Timberlake) were to cheat on her, she would receive a cool $500,000.
Baby Payout Clause
Children are a significant factor in any relationship. According to “reports”, the prenuptial agreement between Beyoncé and Jay-Z states that for every child the couple conceives together, Beyoncé will receive $5 million in the event of a divorce. Thank you Blue Ivy, Rumi and Sir!
If we take what we know from the comical life of Ray Barone in Everybody Loves Raymond, then we can easily see that sometimes our in-laws can become overbearingly involved in our lives. In the prenuptial agreement between Kanye West and Kim Kardashian-West, Kayne made a point in stating that mother-in-law/manager Kris Jenner is not allowed to make any career decisions that affect the couple.
Balancing work and home life can be stressful and sometimes damaging to any relationship. Facebook’s Mark Zuckerberg’s now wife Priscilla Chan reportedly made him sign a dating prenup that required him to spend at minimum of 100 minutes alone with her each week away from Facebook’s headquarters.
Weight Loss Clause
Believe it or not, some couples even put a limit on how much weight a spouse can gain! A prenuptial agreement was rumoured to have included that for every pound Jessica Simpson would gain over 135 pounds, former finance Tony Romo would receive $500,000.
Does this craziness come into play in Australia?
For us in Australia, under the Family Law Act, a prenuptial agreement is known as a Financial Agreement and allows parties to a relationship to agree between themselves how their property may be distributed in the event their relationship breaks down and in doing so, their Financial Agreement will oust the Court’s jurisdiction under the Family Law Act. A Financial Agreement can be made before, at any time during, and even after marriage or a de facto relationship and primarily deal with two issues; property settlements and spousal maintenance.
A Financial Agreement relates to:
- Financial settlement (including superannuation entitlements) after the breakdown of a marriage or a de facto relationship;
- Financial support (maintenance) of one spouse by the other after the breakdown of a marriage or a de facto relationship;
- Matters incidental or additional to those mentioned above
For this agreement to be legal, you must receive independent legal and financial advice before signing.
Whilst a Financial Agreement is a legally binding document, there are times it can be invalidated by the courts. This may occur when:
- If the agreement was obtained by fraud, including non-disclosure of a material matter;
- If the agreement is void, voidable or unenforceable;
- If the agreement was entered into with reckless disregard of a creditors interest;
- If, when entering into the agreement a party engages in conduct that was unconscionable; or
- If the agreement does not comply with the requirements set out in the Family Law Act 1975
If you would like advice or some help in drafting a Financial Agreement, please contact us today.
Chantel Athanasakis is a PA in our Sydney Office.