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Divorce of Tom Cruise and Katie Holmes Shows Benefits of a Prenup

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While a divorce is never easy, the apparent ease with which Tom Cruise and Katie Holmes reached agreement on the dissolution of their marriage demonstrates the benefits of a prenuptial agreement.

Ms. Holmes initiated divorce proceedings on June 29th, and the couple, affectionately known as “TomKat” by fans, reached a divorce agreement just a week later after five years of marriage. Ms. Holmes gains primary custody of the couple’s 6-year old daughter Suri.

According to celebrity news reports, the actress will receive up to $15 million ($3 million for each year of marriage) under the terms of their 2006 prenuptial agreement.

Reaching agreement in advance of a marriage as to how assets, liabilities, and family obligations will be handled makes it easier for the parties to focus on achieving a mutually supportive marital relationship.

A prenuptial agreement, entered into before the marriage date, gives each party the comfort of knowing that their wishes are legally binding.

Common provisions in a prenuptial agreement address key factors such as:

  • Property rights and obligations of each party for property owned by either party
  • Property disposition in the event of divorce, death, or a separation
  • Transfer of assets to children in a blended family
  • Spousal support arrangements
  • Treatment of any death benefits from a life insurance policy
  • Estate planning

Child custody is almost always a highly emotional issue in any divorce. In this case Tom Cruise and Katie Holmes recently issued a joint statement stating, “We are committed to working together as parents to accomplish what is in our daughter Suri’s best interests.” They went on to say, “We want to keep matters affecting our family private and express our respect for each other’s commitment to each of our respective beliefs and support each other’s roles as parents.”

This was the first marriage for Ms. Holmes and the third for Mr. Cruise, who has two children with his second wife Nicole Kidman.

Click on the link to read more about the benefits of a prenuptial agreement.

Contact a Fort Lauderdale Divorce Attorney

If you have questions about a divorce or dissolution of marriage, contact Fort Lauderdale divorce attorney Marcy Resnik. You can contact her online or call her at 954-321-0176.

Yours, Mine, Ours or Theirs?

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A prenuptial agreement helps the parties to a second marriage agree in advance of the wedding on how assets and liabilities will be handled.

Florida couples contemplating a second marriage are advised to consider the many types of assets that each party will bring into a marriage, including:

  • Automobiles or boats
  • Business interests
  • Cash, stocks and bonds
  • Furniture and furnishings
  • Jewelry
  • Life insurance
  • Real estate
  • Retirement plans

The liability that each party bears is of equal importance. Common obligations include:

  • Auto loans
  • Bank or credit union loans
  • Child support or tuition
  • Credit card accounts
  • Residential or commercial mortgages

Download our fact sheet on Prenuptial Agreements in Second Marriages to learn more.

Quick Facts about Florida Divorce and Second Marriages

Over 80,000 couples get divorced in Florida every year. While most marriages last about 10 years, in 2010 there were almost 6,000 divorces among Florida couples married 25 to 40 years or more. As these people remarry, managing the second marriage becomes complicated with the presence of children, assets, and business interests.

Contact a Fort Lauderdale Divorce Attorney

If you have questions about a prenuptial agreement for a first or second marriage, contact Fort Lauderdale divorce attorney Marcy Resnik. You can contact her online or call her at 954-321-0176.

Prenuptial Agreements: Put Everything in Writing

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A New York State appellate court, in a surprise move, recently rejected a prenuptial agreement. While the family and divorce laws vary from state to state, prenuptial agreements tend to be respected and upheld in most court proceedings when they are properly prepared and executed.

A recent Wall Street Journal article on the topic titled “Shoring Up Your Prenup” contains important reminders when preparing a prenuptial agreement in advance of a wedding:

  • Put everything in writing
  • Give your fiancee plenty of notice
  • Don’t try to keep it all
  • Don’t leave anything out

A prenuptial agreement, entered into before the marriage date, gives each party the comfort of knowing that their wishes are legally binding.

Reaching agreement as to how assets, liabilities, and family obligations will be handled makes it easier for the parties to focus on achieving a mutually supportive marital relationship.

Situations that may cause a prenuptial agreement to be questioned include an execution date very close to the wedding date, or competing claims of verbal agreements not reflected in the legal document. Failure to include significant assets in a prenup also can potentially cause trouble, particularly when there is a disproportionate level of wealth between the two parties.

A family law attorney who is experienced in prenuptial agreements can help a couple avoid common pitfalls that may cause trouble later in the marriage if there is a dispute over asset allocation or care of children.

Click on the link to read our Fact Sheet, Prenuptial Agreements Protect a Second Marriage.

Contact a Florida Prenuptial Agreement Attorney

Every family is different. Fort Lauderdale divorce attorney Marcy Resnik understands the personal and sensitive needs of a person contemplating a second marriage. Contact her to discuss your case.