Roses are red,
violets are blue.
Did you hear the news?
Kim and Kanye are through.
This Valentine’s Day, Kim Kardashian and Kanye West will not be joining in on the romantic festivities as a couple. On February 19, 2021, after seven years of marriage, Kim filed for divorce from Kanye. Kanye known for “living in his own world” to his explosive rants on social media, tension had been growing between the once Hollywood “it” couple. Over the past few years, the pair had become somewhat estranged—although technically married, they lived completely separate lives.
Kim allegedly prepared for divorce after Kanye made revealing statements during his presidential campaign rally that insinuated Kim was going to terminate her pregnancy with her first born, North. Kanye’s refusal to receive mental health treatment and the unpredictability and strain it has caused within their family was also a motivating force behind Kim’s decision to divorce the rapper. Despite their attempts at marriage counseling and reconciling their differences, divorce was seemingly inevitable for the pair.
But as of early February of 2022, the divorce has yet to be finalized. According to sources, the separation and divorce proceedings have been relatively amicable and drama free… That is, until recently. Early this month, Kanye has turned to social media to unleash his sentiments about the divorce and the separation it has caused between himself and his children. Now, Kanye allegedly refuses to sign documents that would allow Kim to attain “legally single” status. Kim responded to Kanye’s “constant attacks,” claiming Kanye has attempted to control and manipulate their divorce and family life. Things are getting messy fast.
Kanye is (or was) head-over-heels for Kim, allegedly refusing to sign a prenuptial agreement (a “prenup”) with her because he was prepared to give her the world. Nevertheless, a prenup was signed two months before their wedding in March 2014. Kim and Kanye each have a net worth of roughly $1.8 billion derived from their independently owned businesses and acquired royalties. If Kim and Kanye had not signed a prenup, this divorce could have potentially turned more hostile had one of the parties sought to acquire the other’s marital assets.
Prenups may seem like the most unromantic subject in the world, but they can make all the difference should a marriage not be so happily-ever-after. A prenup is a contractual agreement signed before marriage that outlines what happens to each spouse’s financial assets and debts in the event of divorce or death. Prenups are not solely for the Kims and Kanyes of the world; ordinary individuals—specifically any future spouse who wishes to maintain control over their premarital, and marital, assets and avoid their future partner’s debts—are encouraged to sign prenups.
Prenups can also be useful in situations where one partner decides to stay home with the children — putting their career or lives on pause, while the other partner continues to flourish and grow. The prenup can dictate what assets and alimony, or lack thereof, the stay-at-home partner will receive.
Drafting and discussing the prenup will encourage honest and transparent communication about finances, which is important to a long and happy marriage. Statistically speaking, conflicting views on finances is a leading cause of divorce, so discussing a prenup allows couples to have a mutual conversation about how they wish to manage their finances and what their plans are for the future. In the event of a divorce, each party’s assets and debts would already be delineated, which would preclude a costly and contentious divorce. As Kim and Kanye’s situation has revealed, discussing a prenup ahead of a marriage allows future spouses to make decisions while the relationship is solid and passionate rather than when the parties are inclined to spite each other.
Though the exact details of the prenup remain a mystery, the existence of the prenup means KimYe’s estate should be fairly easy to split. KimYe’s prenup is rumored to specifically lay out the couple’s division of assets. Together, Kim and Kanye had four kids—North, Saint, Chicago, and Psalm. The prenup did not, and cannot, have a custody clause, so Kim has allegedly filed for joint legal and physical custody of the kids. According to sources, financial assets accrued from Kim’s businesses, which include KKW Beauty and Skims, will remain solely hers; Kanye’s business ventures and assets, like his $5 billion Yeezy company, will remain his. Additionally, Kim is expected to receive an estimated $6 million from Kanye since their prenup contained a provision that Kim would receive $1 million for every year they were married. Kim is permitted to keep any presents Kanye had gifted her during their marriage, which includes $5 million in artwork, $4 million in cars, and $3.2 million in jewelry. Kim will also remain a beneficiary on Kanye’s $20 million life insurance, and she will keep their Hidden Hills mansion.
Currently, Kim and Kanye’s lawyers are in settlement talks on how to divide the properties they bought together as a couple. Kim wants full ownership of their multi-million Calabasas home because that is where she has raised their children. In the absence of a prenup, the assets acquired before their marriage could potentially have been considered marital and thus subject to division during divorce. KimYe’s home state of California is a “community property state,” which means any assets or debt acquired by one person in a marriage belongs to both spouses. A spouse’s separate property could accidentally, or even intentionally, become community property if the spouse combines it with marital property. Community property will generally be split 50/50 during divorce proceedings in the absence of a prenup.
Divorce isn’t easy, but a prenup can make it easier. This Valentine’s Day, if your loved one gets down on one knee, make sure you “hit them with a prenup.” Call us at (786) 837-6787 to set up a prenup now!
