The celebrity divorce du jour is Bill & Melinda Gates.
After over a quarter century of marriage, Melinda Gates has sought a no-fault divorce from Bill Gates in the state of Washington. The parties appear to be working on an agreement to resolve the dissolution of the marriage and the division of assets.
Of note, Bill Gates was already a billionaire when the parties met and married. Media reports indicate there was no prenuptial agreement and Washington is a community property state, which bodes well for a 50/50 split of assets.
So, how does this impact you?
It’s a lesson that no matter how much money you have it does not guaranty wedded bliss;
You never truly know the health of a marriage from an outside perspective; and
It really doesn’t impact YOU. It has no bearing on the strength of your relationships.
Matthew Thompson is civil litigation attorney and reminds you that other people’s divorces are not really your drama.
I do not think this is what Benjamin Franklin had in mind…
pre·nup·tial a·gree·ment- an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage dissolve.
Also known as a Premarital agreement or “prenup” is a fairly common legal step taken before marriage. A prenup establishes the property and financial rights of each spouse in the event of a divorce. Prenups are often used to protect the assets of wealthy spouses but also can protect family businesses and serve other important functions. FindLaw
Prenups can be GOOD, especially in a second marriage. They can protect the rights of the children from the first marriage and serve a useful and legitimate purpose. Prenups can also define, with great specificity what happens in the event of a divorce or death of a party of the marriage. Knowing your rights can be a very good thing.
Prenups can be BAD. If you agree to a bad deal and the process used otherwise complies with the requirements of a valid prenup; sufficient time between presentation, execution and the marriage; reasonable opportunity to have independent counsel of your choosing; and full financial disclosures, even a bad deal would be enforceable.
Prenups can be UGLY. It is a hard “sale” when asking your one true soulmate to consider what happens if your union is dissolved. Also, if the prenup is so one-sided that it is deemed unconscionable (totally unfair on its face) it can be invalidated.
Matthew Thompson is a Family Law attorney in Mississippi and reminds you of the words of Kanye West in Gold Digger, “if you ain’t no punk holla we want prenup.”
Follow the blog: BowTieLawyer.You may also contact Matthew with your family law case, question or concern at (601) 850-8000 or Matthew@bowtielawyer.ms