Madonna and Guy Ritchie’s divorce woes have been hitting the headlines daily since they announced their split after eight years of marriage.
The announcement of an impending divorce wasn’t a surprise to many, as rumours were rife of disharmony within the marriage and there were even allegations of Madonna cheating.
But what has come as a shock is that the Material Girl, said to be worth £300m, reportedly didn’t sign a prenuptial agreement and now faces a battle over her fortune.
But why did Madonna decide not to protect her vast wealth? Was it because she was so in love with Guy that she didn’t think that it the marriage would ever come to an end?
Many of us will consider it admirable that she followed the path of love and didn’t get the lawyers involved, but as has happened with McCartney and Mills, she could end up paying the price.
According to family law, Ritchie could be entitled not only to half of Madonna's entire fortune, but also to half of whatever increase in fortune she made during the duration of their marriage.
So, for instance, if Madonna's wealth grew by £30m between 2000, when they got married, and now, Guy may be able to get £15m, if there is, in fact, no prenuptial agreement.
By making a prenuptial agreement, Madonna could have had some security that the wealth she has earned during the marriage would have been protected.
Madonna is very unusual in the world of celebrity by not making a prenuptial agreement. According to celebrity divorce attorney, Goldie Schon, “upwards of 70 per cent of celebrities have them".
Celebrities like prenuptial agreements as they protect their wealth, keep the divorce out of the papers (as the divorce is concluded quickly) and stop the divorce from getting nasty.
Madonna is already having trouble on all counts. There are daily reports in papers across the world of battles over money, with Ritchie supposedly turning down Madonna’s recent offer of £20m.
If they had signed a prenuptial agreement, the division of property, personal possessions and financial assets would have been agreed beforehand with both parties accepting a deal that is fair to them.
Plus the prenuptial agreement could be taken into account if the divorce ever went to court. Barrister Joanna Grandfield, from the law firm Mills & Reeve, says that it would be a factor:
"A premarital agreement, properly constituted, is likely to be given much weight in the English courts and could have a great bearing as to how assets should be shared."
Prenuptial agreements are now one of the fastest-growing areas of divorce.
High-profile divorces, such as McCartney and Mills, have brought prenuptial agreement s to the fore as now ordinary people are concerned about losing a large part of their assets in a settlement.
Although they can be viewed as a negative start to marriage, they are, in fact, a popular way of protecting assets that a person has acquired before they enter the marriage.
Partly this is because divorcees are more wary of getting married for a second (or third) time, plus they’re better off so they feel that they have more to lose.
Adult children also suggest a prenuptial agreement to protect their inheritance from their new step-parent.
Often couples use prenuptial agreements if there is a disparity in wealth, say, if one partner earns a lot more than the other or one partner has received an inheritance that they want to protect.
A prenuptial agreement may be made if one partner has a house and the other doesn’t and prenuptial agreements can even be used by unmarried couples who jointly own property.
Prenuptial agreements are the future for many couples. As Sandra Davis, head of family law at Mishcon de Reya, explains, they can avoid "considerable stress and heartache should the marriage break down", and provide "some insurance against costly litigation".
Madonna may be wishing now that she had taken note.
Celebs who have signed a prenuptial agreement
Catherine Zeta-Jones and Michael Douglas
Zeta Jones is guaranteed $2.8m for every year of their marriage, plus a bonus of $5m bonus if Douglas is caught cheating. She thinks prenuptial agreements are "brilliant".
Tom Cruise and Katie Holmes
Holmes will receive $3m for every year the couple are married up to $33m. If the marriage lasts for more than 11 years, the prenuptial agreement is void and she gets half his fortune instead.
Britney Spears and Kevin Federline
Spears wasn’t going to make a prenuptial agreement but her lawyers insisted. When they divorced, Federline received $1m after two years of marriage out of Spears’ $100m fortune.
Nicole Kidman and Keith Urban
Urban reportedly will receive $640,000 for every year that they are together, but he must stay away from alcohol and drugs, or he forfeits every penny.
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