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The world woke up to breaking news recently that Benny Blanco and Selena Gomez are engaged (and wow, what a rock!).
When it comes to high-profile celebrities like Selena Gomez and Benny Blanco, after the initial celebrations subside, the two will undoubtedly begin important discussions including whether they will have a prenuptial agreement, and what that agreement may entail.
Key Considerations for Celebrity Prenuptial Agreements
Celebrities often face unique challenges in relationships, such as high earnings, diverse income streams, and public scrutiny.
1. Protection of Individual Assets
It is likely that both Selena and Benny have extensive portfolios, from music royalties to investments. A prenuptial agreement could outline specific protections for pre-marriage assets, ensuring that neither party risks losing personal financial gains they achieved independently and prior to the marriage.
2. Copyright and Intellectual Property
With both parties being artists, a prenuptial agreement might address ownership of intellectual property created both before and during their marriage. For instance, it could stipulate that any music collaborations between the parties are marital property and jointly owned, while individual projects, and any future income streams, are retained by their respective creators.
3. Establishing the separate or marital nature of income
A prenuptial agreement can allow celebrities to protect their earnings during the marriage, keeping the earnings separate, or establishing a formula for income division during the marriage. This could include setting aside earnings for shared expenses while maintaining separate accounts that the other party could not touch in the event of a divorce.
4. Lifestyle clauses
High-profile couples sometimes include lifestyle clauses in their prenuptial agreements, addressing matters like privacy expectations, confidentiality clauses and social media sharing. A typical confidentiality clause could prevent the parties to the prenuptial agreement from publishing in any print media, broadcast media, or over the internet or social media (e.g., Facebook, Twitter, Instagram or LinkedIn) any information regarding the prenuptial agreement as well as the exhibits to the prenuptial agreement, which could include details as to these high-profile couples’ personal finances.
5. Dispute Resolution
A prenuptial agreement might also include provisions for dispute resolution, such as requiring mediation or arbitration before pursuing a divorce in court. This can save time, money, and emotional stress in the event of a separation, and can ensure that the dispute is kept out of the spotlight, which is even more essential for celebrity couples.
6. Support Agreements
In cases where both parties are high income earners and have thriving careers, it is unlikely that spousal support would be payable, however a prenuptial agreement is also essential for avoiding disputes regarding the payment or receipt of spousal support upon a divorce, especially where there is a significant income disparity. For instance, a prenuptial agreement might include a cap on spousal support, set forth a formula for calculating support, or waive the need for support all together.
Prenuptial agreements are also becoming increasingly common for those who are not constantly in the spotlight in order to establish clear boundaries and financial expectations before entering into marriage.
Lessons for Non-Celebrities
While many of us will never experience the celebrity status of Benny Blanco and Selena Gomez, and the level of income and assets that they enjoy as a result, the principles behind celebrity prenuptial agreements apply universally. Here are a few takeaways:
- Open Communication: Discussing finances and expectations early can strengthen your relationship. Our office offers pre-marriage mediation to help assist you in making these decisions and facilitating difficult conversations.
- Customization: By working with a family law attorney well-versed in prenuptial agreements, you can find creative ways to tailor your agreement to reflect your unique circumstances, priorities, and values.
- Legal Guidance: When you work with an experienced family law firm such as BBNS, you can ensure your agreement is enforceable and fair, and that you understand your rights and obligations.
Final Thought
Whether you are a celebrity or not, crafting a thoughtful prenuptial agreement can help protect your interests and provide peace of mind as you and your partner build your life together.
-By Kelly Kotliar, Esq. and Emma J. Brown, Esq., attorneys of Berkman Bottger Newman & Schein, LLP specializing in prenuptial agreements.