If you have been on any sort of social media platform in the past week, it is safe to say you have heard about Priyanka Chopra and Nick Jonas’s potential engagement. Ever since the world has fell in love with the couple early May of last year with their appearance at the Met Gala, it has been clear that they had chemistry. But is chemistry enough to make a marriage last? Hollywood is known for its make-ups, break-ups, quick marriages, short marriages and prolonged divorces. So, what happens when two celebrities individually have assets that need protecting? The safe answer is: a prenuptial agreement.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract that discloses each party’s wealth, properties and debt. A prenuptial agreement is signed before a marriage. Prenuptials tend to have a negative stigma around them. Most media portrayal of prenuptials include one very wealthy party marrying someone who is perceived to be a “gold digger.” Despite all of this perception of negativity in the media, a prenuptial can help protect a party’s assets and income in the event of a divorce or legal separation. A prenuptial agreement can even specify how a party’s assets and wealth are going to be distributed in the event of a divorce, legal separation or even death.
Why Nick Jonas?
Nick Jonas, 26-year-old heartthrob, had started his career with his two brothers Joe and Kevin back in 2006. They had created a band named “The Jonas Brothers.” Throughout the past 12 years, Nick Jonas has been extremely involved in the world of music and Hollywood. With a net worth of $25 million, Nick Jonas is definitely at a pivotal point in his career. It would be in the best interest of a young man with such great assets to protect his worth in a marriage.
Why Priyanka Chopra?
Priyanka Chopra is India’s highest paid actress, totaling a net worth of $8 million. She has taken the movie industry by storm appearing in Bollywood at the early age of 21, not to mention being a worldwide philanthropist and also being the 2000 winner of Miss World. A woman with such success and outstanding wealth would find her interests best protected in a prenuptial agreement. Priyanka is currently 36 years old, putting her ahead of her potential future husband by 10 years. After years of hard work and dedication, she is starting to become widely renown in the movie industry. If she dreams of marriage with Nick, she would be inclined to be proactive in protecting her assets from a possible divorce down the line.
What it Would Look Like in Illinois
Considering that both parties would be entering a marriage for the first time, they both individually have a significant amount of assets, wealth, and most probably – debt, and there is a significant age-gap between them, a prenuptial agreement may save a lot of turmoil and trouble down the line if this couple decides to part through a divorce or legal separation. A prenuptial agreement between these two should include each of their annual incomes, which would include any and all sources from their employment, contracts, movie deals, musical tours, concerts and investments. The agreement would also need to specify the market value of their homes, cars, art, collectible items, potential inheritances, jewelry and clothing values.
Priyanka and Nick can choose to waive their rights to alimony, also known as maintenance, or agree to which sum, if any, one or the other would receive in the event of a divorce or separation, based on the length of the marriage. The parties can also specify how they would divide any property purchased during the marriage, including any homes or businesses. They can also specify whether any property would belong to one person or the other if purchased during the marriage and whether they would be signing waiver of rights to those properties throughout the marriage.
They can further specify who would be responsible for any debt accumulated during the marriage and who would get any wedding gifts and general gifts given to them during the marriage. They can further outline an estate plan or a will or refer to one in their prenuptial agreement as well.
It can be safe to say, they can be as detailed as possible, and should be, to protect all the assets and income they have accumulated during their successful careers!
Though a prenuptial agreement seems like it can cover Priyanka and Nick if things spiral downwards, it cannot address custody, also known as allocation, or child support in the event they have children together. Priyanka and Nick can always sign a Post nuptial agreement to address custody and child support in addition to all financial issues between them.
A prenuptial agreement is like car insurance – you get it and use it when you need it – and in Hollywood, it’s very likely you’ll need it and use it.
For more information about Prenuptial Agreements, speak to one of our attorneys today at 708-210-9247.