Reality TV star, NBA player 'drafting prenup'

Date: Jun 10, 2011

Reality TV star Kim Kardashian - whose show Keeping Up with the Kardashians airs in Australia on Channel 7 - is reportedly finalising a prenuptial agreement with her fiance, NBA player Kris Humphries.

TMZ reports that the pair are telling friends that a prenup is "the smart thing to do", particularly as both partners bring significant assets to the union.

Humphries earns approximately US$3.2 million a year thanks to his contract with the New Jersey Nets, as well as his stake in the family business - a chain of hamburger restaurants. Overall, he is estimated to have a total net worth of $8 million.

Meanwhile Kardashian, who guest stars on a number of television programmes and - along with her sisters Khloe and Kourtney - owns and operates three D-A-S-H clothing boutiques across the United States, is thought to be worth an estimated $35 million.

Us Weekly reports that, according to an insider, the agreement protects all of Kardashian's assets, including her Beverly Hills property.

"Additionally, she keeps anything she earns during the marriage," the source commented to the magazine.

The source added: "He does not receive anything if the marriage fails."

Prenuptial agreements are an especially important consideration when one or both parties enter into the relationship with significant assets.

While this usually means property or business, assets can also include art, vehicles or any family heirlooms either party wants to protect in the event their relationship fails.

Likewise, a prenuptial agreement can also offer protection in the event one person enters into the marriage with significant debt.

For many people, financial agreements offer valuable peace of mind, as they offer a degree of certainty about what could happen in the event the relationship ends.

If you are considering a prenuptial agreement, it is wise to seek the advice of a family lawyer.

A lawyer who specialises in financial agreements for marriages and de facto relationships can help you through this sometimes-complicated process.

Financial agreements can usually make whatever provisions you want - but in order to do this, each person must make a full disclosure of their financial circumstances before they finalise their agreement.

Each party is also required to seek out independent legal advice before the agreement is finalised. Your family lawyer can help you fulfil all the requirements to ensure your prenuptial agreement is not successfully challenged in the future.