Prenup included $2 million engagement ring

9-November-2011 Family Law By Simone Green

The public breakup of two high profile celebrities in 2011 highlighted how valuable assets can be specifically included in Prenuptial Agreements.

“Kim can keep her ring” so  says Kris, but only if she pays him a handsome US$2 million!  As the celebrity marriage between Kim Kardashian and Kris Humphries ends, it highlights for those of us on the sideline the wisdom of a pre-nuptial agreement (called a Financial Agreement in Australia under the Family Law Act).

A prenuptial agreement appears to have been a wise precaution. Did you know that in Australia, Financial Agreements can be made by de facto or married couples before, during or after the relationship?  Financial Agreements provide certainty to the mechanisms and processes by which the parties can separate their affairs, if need be, with certainty.

Kris Humphries eventually auctioned the ring  and received less than half its purchase price – US $749,000 in October 2013.

 

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Written by Simone Green

Simone Green

Simone Green has been practicing family law for 17 years. After attaining her Bachelor of Arts/Law, Simone chose to further her studies, successfully gaining her Masters of Applied Family Law. In acknowledgement of her expertise in Family Law, Simone was awarded her Specialist Accreditation in Family Law in 2013. Simone is also a Collaboratively trained Family Lawyer and is a member of AACP and CPNSW. Simone is the Director of the Family Law Practice at Streeterlaw.

Call us on 02 8197 0105 to book an appointment with Simone Green!

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