Do Engaged Couples Really Need a Prenup? | IL

 Posted on August 28, 2024 in Family Law

Even if you do not follow Hollywood gossip, it would be hard not to have at least heard about "Bennifer" or "Bennifer 2.0." These are the names that the media dubbed the on, off, on, and off-again relationship of Jennifer Lopez and Ben Affleck. The couple had a much-publicized relationship and engagement beginning in 2002. They called off the engagement in 2004, and Lopez went on to marry and divorce three times, while Affleck went on to have a 13-year marriage with another Jennifer – actress Jennifer Garner.

In the spring of 2021, the media rumor mill began rumbling that the couple were dating again and a year later, the couple wed. Now, just two years to the date of their wedding, Lopez has filed for divorce. What has surprised many Illinois divorce lawyers and lawyers nationwide about the action is that the high-net-worth powerhouse couple did not sign a prenuptial agreement before the marriage.  

What Is at Stake?

When a couple divorces, part of that process involves dividing the marital estate. The majority of states, including Illinois, use the equitable distribution standard. This means that although the estate will be divided between the spouses fairly, that division will not necessarily be 50/50.

Separate assets are those that each spouse acquired before the marriage. Marital assets are those acquired during the marriage, and those are the assets that need to be divided. Since Lopez and Affleck have no prenup, the "negotiations" over dividing assets could get contentious, especially given the high net worth each has earned during their marriage.

Affleck has a very successful production company that produced a series of successful films during the course of the marriage, which Lopez could be financially entitled to a share of.

Lopez has also been successful over the past couple of years, including a recent recording contract, starring roles in multiple films, a cosmetic company, an alcohol line, and a brand ambassador for several well-known companies. Affleck could be financially entitled to a share of profits from these business ventures.

The couple also purchased a home together that was recently listed for $68 million.

How this all plays out is anyone’s guess. Will the couple agree to waive any right to the other’s assets, split the profit of the home sale, and then go their own ways, or will this divorce involve a lot of financial wrangling over the enormous amount of assets involved?

What a Prenuptial Agreement Does

It may be surprising that a couple with Affleck and Lopez's assets would not have made sure they had a solid prenuptial agreement in place before they got married. However, it may be more common than you think. While it is legally advisable for couples where either one or both partners has a high net worth, many engaged couples fear that if they even consider a prenuptial agreement, it means that they do not have enough faith that their marriage will last.

On the contrary, entering into a prenuptial agreement can actually strengthen the couple’s bonds. One of the primary benefits of a prenuptial is that it allows the couple to engage in honest and positive conversations about their financial beliefs, habits, outlooks, and plans for the future. Many engaged couples fail to have these conversations before the wedding, and if there are differences they are unaware of, it can lead to all kinds of financial arguments after they are married. These prenup discussions often are a positive way to begin their marriage on a healthy financial outlook.  

Contact Our Arlington Heights Family Lawyers for Legal Assistance

If you are engaged to be married, make sure that meeting with an Arlington Heights, IL prenuptial agreement lawyer is on your wedding to-do list. Call A. Traub & Associates at 847-749-4182 to schedule a confidential consultation and learn how a prenup can benefit your marriage.