Tinseltown is in a state of astonishment following the shock news that Nicole Kidman has filed for divorce from her husband, Keith Urban. Amongst much speculation over the cause of the split, focus has now turned to the pre-nuptial agreement which they allegedly entered into prior to their marriage in 2006.
Rather unusually there is apparently a ‘cocaine clause’ in the pre-nuptial agreement which provides for Keith Urban to receive $600,000 from Nicole for every year they were married, on the condition that he remained sober during their marriage. Otherwise, Nicole and Keith will walk away from the marriage with the assets held in their respective names and divide any jointly owned assets equally.
Whilst this might all be a (Keith) urban myth, it does highlight the importance of gaining advice on pre-nuptial agreements prior to getting married. This is especially true for individuals such as Nicole Kidman who have previously been married, have children from previous relationship(s) and enter into the marriage with sizeable assets that they would like to protect.
Discussing pre-nuptial agreements with your spouse-to-be might not be the most romantic of conversations, but it is important to ensure you are protected in the event the marriage unfortunately breaks down. Whilst pre-nuptial agreements are not strictly legally binding, they are highly persuasive and the court will afford decisive weight as long as the legal test has been complied with. Think of a pre-nuptial agreement as akin to having an insurance policy in place. In short, to ensure the best chance of the pre-nuptial agreement being upheld, the following should be adhered to:
- Financial disclosure is disclosed and exchanged.
- Both parties confirm they understand the terms of the agreement and that they will be bound by the terms.
- Both parties receive independent legal advice.
- The agreement is entered into freely without duress or pressure.
- The agreement is signed at least 21 days ahead of the wedding, otherwise a post-nuptial agreement should be prepared.
In all instances, it is important that legal advice is taken early on. Please contact our Family Team on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be very happy to assist.