Some Nevada residents like to read about celebrity divorces for the juicy details on the split and to find out more about the personal lives of the famous. Others, like family law attorneys and financial advisors, see these stories a bit differently.
You see, at first glance a divorce in the public eye may just seem like gossip, but the way that these conflicts play out holds a lot of important lessons for others who are considering or who are in the midst of a divorce.
For example, recent reports of the divorce of New Corporation magnate Rupert Murdoch give us a lot of information about pre and postnuptial agreements. Mr. Murdoch had a prenuptial agreement with his wife Wendi, and later the pair also signed two different updates to that agreement in the form of a post-nup.
Why would you need a post-nup if you have a pre-nup? Well, for the same reason why you would want to update any sort of contract - to keep it current and relevant to the changing times. Couples are often in a very different place financially when they marry compared with when they divorce. The changed circumstances like the sale of a company or the purchase of a second home, may impact the terms of the agreement that they made when there was just a cheap apartment and an engagement ring. A post-nuptial agreement can help update the old contract to reflect the new situation and can modify terms to make sure they are consistent with the changing relationship as well.
These types of adjustments are particularly important in a high net-worth divorce when there are complex assets to allocate.
Source: New York Times, "From a Prominent Divorce in the Affluent Class, Lessons for All," Paul Sullivan, Aug. 9, 2013.