Asset Protection Through the Use of Premarital Agreements

• Main Author: Rose, Robert T.
• Format: Others
• Published: Scholarship @ Claremont 2012
• Subjects: Premarital; prenuptial; divorce; mcccourt; Accounting Law; Family Law
• Online Access: http://scholarship.claremont.edu/cmc_theses/431; http://scholarship.claremont.edu/cgi/viewcontent.cgi?article=1438&context=cmc_theses

The number of multi-million dollar divorce settlements has been increasing rapidly in the last decade. Although Donald Trump's divorce from his first wife, Ivana, wherein $25 million was awarded to the former spouse, may have seemed like a significant sum in 1992, this amount appears quite minuscule today.1 In December of 2011, Mel Gibson's soon to be ex-wife Robyn Moore received $425 million in the couples' divorce settlement.2 In March of 2012, Frank McCourt was forced to sell his professional franchise, the Los Angeles Dodgers, in bankruptcy during his divorce proceedings with Jamie McCourt.3 It seems as if every month we hear details of another celebrity divorce settlement involving hundreds of millions of dollars, begging the obvious question: do athletes and celebrities who stand to make fortunes during a contemplated marriage, need to be more aware of the consequences of divorce and how to better protect themselves in such a case, before repeating the words "I do"? 1 Joanne Kaufman, "The Art of the Divorce," People,http://www.people.com/people/archive/article/0,20105577,00.html (accessed April 19, 2012). 2 Ken Lee, "Mel Gibson's Ex Wife Takes Half His Estimated $850 Million in Divorce Settlement," People, http://www.people.com/people/article/0,20556666,00.html (accessed April 19, 2012). 3 Stephen Dunn, "Why the McCourt Marital Agreement Failed," Forbes,http://www.forbes.com/sites/stephendunn/2011/12/14/why-the-mccourt-marital-agreement-failed/ (accessed April 19, 2012).