Taylor Swift’s engagement to Travis Kelce has been an international news story this past week, with the two superstars planning on tying the knot. When news broke of Travis getting down on one knee to ask Taylor to be his bride, some of us (the Swifties) may have been left wondering whether Taylor is planning to ask Travis a question of her own – will Travis sign a prenuptial agreement? With Taylor Swift’s net worth estimated at over $1 billion, a prenuptial agreement would be a practical step to protect her assets.
To facilitate a marriage built on a foundation of clear expectations and open communication, it can be beneficial for parties to enter into an antenuptial, or more commonly referred to as, a prenuptial agreement.
Prenuptial agreements are not only useful to those who want to protect their wealth prior to getting married, but also useful to other individuals including, but not limited to, those who want to address the distribution of assets, as well as property rights, and debts in the event of a spouse’s death. Prenuptial agreements are great vehicles to protect Super Bowl rings, billion-dollar music earnings, or for individuals like us, a home, retirement account, or a business interest.
Think of a prenuptial agreement as the relationship version of a playbook – even multi-year Pro Bowler Travis Kelce wouldn’t lace up his cleats without first understanding what he is getting himself into. Superstar pop icons, small business owners, individuals with children from a previous relationship, those who anticipate a significant inheritance, or people who have a stake in a closely-held business may want to plan ahead and negotiate a prenuptial agreement with their future spouse as to how property, debt and the like should be handled or distributed between them in the event the marriage ends either by divorce or death. Prenuptial agreements are contractual agreements entered into between two competent and consenting adults containing provisions, among others, regarding the distribution of assets, responsibility of liabilities, and spousal support rights and obligations.
The Kansas City Chiefs Tight End can set out in prenuptial agreement that his Super Bowl rings and advertisement income remain his property, undisturbed by Taylor in the event of a divorce, while Taylor has the ability to ensure she maintains control of her billion-dollar record deals, so that her property is not intercepted by one of today’s great tight ends.
Are Prenuptial Agreements Actually Enforced?
For a prenuptial agreement to be fully enforceable, each future spouse must participate in the process voluntarily and fully disclose their assets, liabilities, and earnings they are bringing into the marriage. That means that Travis has to open the entire playbook, Taylor is forced to share her lyrics prior to the album the release. Once fully disclosed, the future spouses negotiate to determine the extent to which they are willing to waive their rights to certain assets that each spouse would otherwise automatically be afforded under the law.
Regarding the specific provisions within the agreement, there is no limitation on what future spouses may include in their agreement; however, not all terms may be enforceable – some may draw a personal foul. Thus, the prenuptial agreement should include a severance clause that reflects that even if one or more provisions are found to be unenforceable, the remainder of the terms should be enforceable. Even if the Swifties don’t love one of the songs on the album, it doesn’t mean the rest of the album isn’t a hit.
Additionally, to ensure that both teams are on an equal playing field, it is preferred that each future spouse is represented by separate counsel. Upon conclusion of the negotiations, it is imperative that each future spouse has ample time to review and consider the terms of the agreement, or review the “game plan,” and that the agreement is finalized and executed well in advance of the wedding date.
Ultimately, a prenuptial agreement will allow a couple to enter their marriage with full disclosure not only as to what assets and liabilities each spouse brings to the marriage, but the expectation as to what will happen to those assets and liabilities should the marriage terminate either by divorce or death. An enforceable prenuptial agreement eliminates surprise blitzes that may otherwise arise on the gridiron, (or in court), and can streamline the process of terminating the spouse’s financial partnership.
Already Married? Ohio Law Now Also Provides for Postnuptial Agreements
As of March 23, 2023, Ohio law now allows for postnuptial agreements which permit a married couple to modify or terminate their existing prenuptial agreement or enter into an entirely new agreement (similar to a prenuptial agreement) that alters their marital legal rights. Such modification or termination of a prenuptial agreement or execution of a new agreement can be necessary for many reasons, including, but not limited to, an audible, a change in the assets of one spouse, an outdated prenuptial agreement, or an inheritance or gift to one spouse which was not initially contemplated at the time a prenuptial agreement was entered into or at the time of marriage.
Think of a postnuptial agreement as a prenuptial agreement entered into by both teams halfway through the fourth quarter.
The enforceability requirements discussed above likewise apply to a postnuptial agreement as well.
When You Need a Family Law Attorney, Contact Plakas Mannos
Whether you’re an international pop superstar, a Pro Bowl pass-catcher, or none of the above, seeking professional assistance when entering into a prenuptial or postnuptial agreement is crucial to ensure fair negotiation and the enforceability of the provisions in the agreements.
Plakas Mannos has a team of attorneys dedicated to family law who are experienced in these types of agreements, ready to provide counsel for those seeking prenuptial or postnuptial agreements. Whether you’re America’s sweetheart, or a gridiron superstar, our knowledge and understanding of these agreements allow us to handle navigating through the complexities, leaving you with the ability to focus on the more exciting moments of wedding planning and marriage. Contact us today with any Ohio family law questions.
About the Authors
Marietta Pavlidis is a litigation attorney who specializes in family law and workers’ compensation law. Michael John is an associate attorney who also works on our Family Law Team.
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