Pop-Ed: Hillary and Mike Make Smart Choice Before Marriage

By Vikki Ziegler Posted Aug 21st 2010 06:00AM

To a romantic's eye, Hilary Duff and Mike Comrie made a great choice, turning their back on a lavish event in favor of an intimate ceremony for family and friends in Santa Barbara last Saturday night. To the legal eye, they made a great choice too, opting for a prenup.

Page Six reported that the couple signed a prenuptial agreement before tying the knot, as Comrie's father founded the retail outfit The Brick in Canada and his fortune is estimated to be $500 million.

We must commend the happy couple for the wise choice. One might think the prenup takes the romance out of marriage by putting money before vows, but it's a vital tool to have when there is big money at stake between you and your partner.

A prenup doesn't sound romantic. Also called an antenuptial agreement, it's that written contract created and executed by two people before they are legally married. It usually spells out how assets will be distributed in the event of divorce or death.

And contrary to public opinion, prenups are a fabulous financial planning tool that can help resolve many issues regarding property ownership, resolution of debts, division of business interests, spousal support and other asset-based issues that arise during a marriage when divorce is the only option. Prenups have been in existence for thousands of years, dating back to European royal families. Prenups can save you a great deal of time and money if your marriage doesn't last. It's a vital tool to have when there is big money at stake between you and your partner and if your families have large estates. If you don't believe me, ask Donald Trump.

Trump has been married three times and always had a solid prenuptial agreement executed to protect his large estate and his children. Donald Jr., Ivanka and Eric Trump can thank him for that.

So with Comrie's family estimated to be worth that half a billion for their lucrative appliance and furniture empire, there are assets worth protecting. Duff is no slouch either, with an estimated net worth of $12-20 million.

Clearly, Comrie's family wanted to protect any money or business interests they intend to gift their son while he is married to Duff. Their agreement likely detailed this and insured it would not be touched by Duff under any circumstances. Duff also protected herself too, by declaring any money or assets or business interests she brought into the marriage be exempt from distribution in the event of divorce or death.

It's great to see celebrities under 30 making a sound choice. With first-time marriage statistics showing divorce rates at over 55 percent, odds of surviving a long-term marriage -- especially in Hollywood -- aren't great. Here, if Duff and Comrie do divorce, they already have a resolution of their assets, which they can do quietly and inexpensively. Couples who wed impulsively, please follow suit and learn from this couple! Please!

Vikki Ziegler, named one of the Top 40 Lawyers Under 40 by the New Jersey Law Journal and NJ Biz is a frequent contributor to Fox News Channel, CNN, HLN, CNBC, Fox Business Network CBS and more. She has launched DivorceDating.com, which is a resource for bringing singles together by helping them get through difficult times and growing from their experiences. Her first book, 'The Pre-marital Survival Guide,' can be purchased on Amazon and www.vikkiziegler.com.

Tags: Hillary Duff

Comments

(4)

Saturday 21 August

By elaineqq

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Tuesday 24 August

By Betty

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I think that having a pre-nup now-a-days is the smart thing to do - it should have nothing to do with romance. Even the most "perfect" of marriages has its issues so why not protect yourself from losing everything you came into the marriage with - whether it is millions or just simple things like a home or cars. Kudos to Hillary and Mike - young, beautiful and smart!!! I hope they last a lifetime together.

By mikelisa0521

If one or both people in the relationship have finances to protect, it is in their best interest to have a prenup. No one goes into a relationship with the notion that it will end in divorce. Having a discussion about the details of the prenup way in advance would probably diminish any surprises upon signing the prenup, etc. In the case of Hilary and Mike, they are both in the public eye. Obviously they both have more than the "average joe." They would be silly to let love override logic. Hopefully though, love will prevail.
Lisa (BG, IL)

Wednesday 25 August

By Rita

Though people may think this takes the romance out of "getting married", it is necessary, especially in the Hollywood crowd. Why not just make things simple and take issue of finances in the event of divorce out of the picture if possible. A prenup is like a will, people do not want to face reality, we all will die, why not be prepared, hollywood couples will divorce (and so will the greater percentage of the married population), why not be prepared!

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