Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
Sports fans in Maryland probably remember Ahmad Rashad from his days as a star in the NFL, or have more recently seen him as a sportscaster for a number of different sporting events. Most recently though, his name has been in the papers because of his high-asset divorce from his fourth wife, Sale Johnson, the ex-spouse of New York Jets owner Woody Johnson.
Sources say the couple signed a prenuptial agreement prior to their marriage. This could simplify things during the divorce negotiations, since both came into the marriage with substantial wealth. But the agreement will probably not account for everything the couple accumulated during the course of their marriage, which began in 2007.
The couple owns a palatial estate in Jupiter, Florida as well as a $10 million apartment in New York City. These are surely going to be lucrative prizes in the negotiation when it comes to property division. However, terms of the prenuptial agreement may spell out a large portion of the division, eliminating a lot of the struggle and headache from the equation.
Prenuptial agreements are a wise move, regardless of whether one is a socialite with a net worth of $100 million, like Sale Johnson, or just getting started in a new career and a first marriage. Prenuptial agreements, once seen as a harbinger of bad behavior to come, are now more commonly seen as the practical, if not essential, tool they can be for any marriage.
Whether the objective is asset protection or simple peace of mind in the event of a divorce, considering a prenuptial agreement makes sense for many couples. Divorce can be an emotional and painful ordeal, so why should one wait to make the most important decisions about life during a time of heartache?
Source: Sports World Report “Ahmad Rashad Divorce From Sale Johnson Tied To Relationship With Michael Jordan and Tiger Woods?” by Matthew Jussim, Jan. 17, 2013