Rumors have been swirling about a potential engagement between the world's most notable couple: Taylor Swift and Travis Kelce. While we all are drawn to the couple's respective accomplishments in music, entertainment and professional sports, a future marriage places at the forefront of every matrimonial lawyer's mind the need for a prenuptial agreement. The enormity of Taylor Swift's income from her Eras Tour alone has been estimated to be at least $1.82 billion in 2023. In addition, it is common knowledge amongst her Swifties fanbase that she holds an expansive real estate investment portfolio with at least eight multi-million dollar properties in New York, California, Nashville and Rhode Island. From the perspective of seasoned matrimonial counsel, a prenuptial agreement would serve to protect Ms. Swift's income and assets, including but not limited those mentioned above, in any future termination of marriage.
SOMERVILLE, N.J., March 5, 2024 /PRNewswire-PRWeb/ -- In basic terms, a prenuptial agreement makes a clear distinction between marital property and separate property. Marital property is any property that will be subject to distribution between the parties upon a termination of marriage. Marital property typically can include joint bank accounts and jointly purchased real estate during the marriage, for example. By contrast, separate property is any property that will not be subject to distribution between the parties upon a termination of marriage. Separate property typically includes any property that was acquired by either party prior to the date of the marriage, referred to as pre-marital property. Fortunately for Ms. Swift, her Eras Tour earnings and real estate portfolio all pre-date any potential future marriage.
Whether for Taylor Swift, or any other bride hearing wedding bells, they should know that , as a general rule, in order for a prenuptial agreement to be valid and enforceable, meaning it will hold up on a court of law, three elements must be present:
- In Writing and Signed by Both Parties - This simply means that the parties' agreement is put into writing and is signed by both parties. Rest assured that Ms. Swift's matrimonial lawyer won't let her leave a "Blank Space" where she is to sign. In fact, in addition to signing at the end of the agreement, it is common practice for lawyers to have each party initial each page of the prenuptial agreement, thereby indicating that they have read each and every page.
- Full and Complete Financial Disclosure - Both parties must provide a full and complete disclosure of all assets, earnings, income, debts and other liabilities prior to entering into the prenuptial agreement. This ensures that each of them has been fully informed and has knowledge of the other spouse's financial portfolio in advance of their marriage as they negotiate the terms of their prenuptial agreement fairly.
- Voluntary Entry - Neither party can take any action that would coerce or force the other to sign the agreement, nor place them under any duress in an effort to get them to sign the agreement. No "Hoax" here, Ms. Swift's matrimonial lawyer will ensure she is not put in a position whereby she is forced to sign the agreement.
Of course, this is all hypothetical, and the only ring we know to be in this couple's future is Travis Kelce's Super Bowl ring (which he would be keen to carve out in any agreement as well). Nevertheless, it is always beneficial to understand the protections a prenuptial agreement provides, especially for high-net-worth individuals. With so much at stake, the failure to enter into a prenuptial agreement will almost certainly result in extensive divorce litigation, which matrimonial lawyers know "All Too Well."
Marissa Del Mauro is a partner in the family law department of Lyons & Associates, P.C. and holds a special Matrimonial Certification from the New Jersey Supreme Court. She and the firm can be reached at 908-575-9777 or www.lyonspc.com.
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Nicole Bienko, Lyons & Associates, P.C., 1 908-575-9777, [email protected], https://www.lyonspc.com
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