Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
Sports fans in Maryland remember Michael Jordan for all his success on the court as one of the greatest NBA players in history. Even though his first marriage may not have been quite as triumphant as his basketball career, MJ is giving marriage another shot with his new wife, a 33-year-old model, that he has dated since 2009. The couple was married on April 27 in a Florida church, witnessed by plenty of celebrities and old NBA teammates and competitors alike.
Jordan wisely had his new wife sign a prenuptial agreement prior to their marriage, which will still pay her handsomely, if the couple ever divorces. According to the prenuptial agreement, in the event of a split, his wife will receive $1 million for each year they have been married, and, if they remain married for 10 years or more, that amount will increase to $5 million per year.
This is a tremendous amount of money, but for a celebrity like Jordan, who has considerable wealth and an estimated $650 million net worth, the prenuptial agreement makes a lot of sense. The agreement provides him with some peace of mind and protection in case the marriage dissolves. Jordan’s first wife, who did not sign a prenuptial agreement, received almost $170 million when they divorced, as well as custody of his three children.
Prenuptial agreements can take the stress out of marriage and prevent future conflict. Since both parties know where they stand financially, there is less worrying about contingencies, and, if there is a divorce, the prenuptial agreement will greatly simplify property division. No matter if you have a net worth of $650 million or $65,000, anyone looking for legal financial protection and simplicity heading into a marriage should consider a prenuptial agreement.
Source: Fox News, “NBA legend Michael Jordan marries model Yvette Prieto in Florida,” April 28, 2013