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Recent celebrity divorce offers lessons on prenuptial agreements

As many New York residents are aware, Hollywood couple Ben Affleck, 42, and Jennifer Garner, 43, recently decided to call it quits. The divorce filing was initiated exactly 10 years and one day after the couple's wedding, which, according to some, is no coincidence. In the eyes of the state in which they were married, when marriages last for 10 years, they are then considered long-term marriages, which can affect financial aspects of the separation, including prenuptial agreements.

This decision affects not only the length but the amount of spousal support. In essence, the spouse with lesser earnings can then ask the courts for a longer period of support or more alimony money. Another distinct possibility in the case of this impending divorce is that the couple have a prenuptial agreement that included a supplementary monetary benefit that was designated to kick in following the passing of their 10-year anniversary.

In prenups, there can be certain stipulations that occur after a divorce. This can include the higher-earning of the two agreeing to give his or her spouse a predetermined amount of money per each year of marriage. One expert stated that there have been cases ranging anywhere from $5,000 per year to upwards of $100,000 per year.

No matter the case, experts agree that it is crucial that an individual is fully aware of what their partner has, as well as educate him- or herself on what is not included in a prenup. For example, anything pertaining to children --  including child support as well as visitation rights-- are matters that a family court determines. To be confident that their prenuptial agreement is sound, couples in New York often consult a family law attorney who has experience with prenuptial agreements.

Source: fortune.com, "What we can learn about prenups from the Ben Affleck-Jennifer Garner divorce", Laura J. Vogel, July 4, 2015

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