December 4, 2022

First, news broke that billionaire philanthropist Mackenzie Scott, the ex-wife of Amazon AMZN,
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Founder Jeff Bezos was divorcing her second husband, former science teacher Dan Jewett, after less than two years of marriage.

Then came the news that Perry Green, the husband of Republican Georgia Congressman Marjorie Taylor Green, was seeking divorce after 27 years of marriage.

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Both cases were filed in states with very different divorce laws and, unlike the Greens, Scott brought billions of dollars into his life with Jew. But they have one important thing in common: Scott and Green have avoided any dirty laundry and, at least in their divorce filings, their split remains amicable.

According to the King County, Wash., Superior Court divorce petition, there is an explicit reference to a “separation contract” between Scott and Jewett. Scott is now worth $33.9 billion after his 2019 divorce from Bezos, According to Forbes.

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Washington state law states that “separation contract,may discuss “among other things, the disposition of any property owned by either or both of the spouses.” Washington is one of the few remaining “community property” states where property acquired prior to marriage is divided into separate property. Property acquired during the marriage is considered “marital” or “community property”.

,Mackenzie Scott’s divorce papers were filed in Washington state, while Rep. Marjorie Taylor Green’s papers were filed in Georgia. Those states have very different divorce laws.,

Georgia — where the Greens filed for divorce — is an “equitable-distribution state,” meaning that property is divided equally, if not equally, depending on a number of factors, including marriage. Conduct of husband and wife during the course of property/debt, earnings are included. capacity and retirement needs. Property acquired before marriage is also usually treated as separate property.

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Mr Green’s divorce papers do not explicitly mention a prenuptial agreement, stating what happens next for the couple’s income and debt. Instead, Mr. Green’s filing in the Floyd County, Ga., Superior Court, asks for the court to have “a fair and equitable division of marital property” as well as, “an equitably divided” marital debts.

To be sure, that doesn’t mean the Greens didn’t have a prenuptial agreement. But if there was one that Mr Green wanted to enforce, he would refer to it in the divorce petition, a Georgia divorce law expert said.

“Generally speaking, if you feel great about the prenup, you’ll say something about it in the complaint,” said shareholder attorney Robert Boyd, founder of Boyd Collar Nolan Tugle & Roddenberry, an Atlanta-based law firm. Specifically focused on matrimonial law.

“It’s almost without exception, especially if you want to implement it, you’re going to have to say something about it,” he said.

The law office representing Mr Green declined to comment.

Put aside the divorce and Scott and Green may share very little in common, especially considering the states in which they were filed. But the cases were filed at a time when premarital agreements have increased, especially among young Americans.

,Both divorce cases were filed at a time when premarital agreements have increased, especially among young Americans. About 15% of married couples say they have signed a prenup.,

Of course, with billions to her name and a charitable vision, it’s not at all surprising that Scott has his wealth, and that of his former partner, Dan Jewett, a former schoolteacher, apparently at stake. for a separation agreement.

Scott’s first husband, Jeff Bezos, is one of the richest men in the world, just behind the Tesla TSLA,
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Founder Elon Musk who occupies the No. 1 spot. Her 2019 divorce from Scott helped her to knock the No. 1 spot.

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But these days, you don’t need to be on forbes rich list Do this exercise.

15% of those married or engaged were saying they signed a prenuptial agreement, according to A Harris Poll. In a similar 2010 poll, only 3% of people told Harris’ pollsters that they signed one. Importantly, prenups encourage couples to be completely transparent about their plans and their finances.

Even more people like the idea of ​​a document explaining how to carve and keep property before any partition. More than four in ten people (42%) supported the use of premarital agreements, the Harris Poll showed. That’s up from 28% in 2002, Harris noted.

The survey noted that prenup support is particularly on display with young couples. Although 32% of bachelor poll participants said they would sign a prenuptial agreement before marriage, more than half (52%) of Gen Z poll participants and 40% of millennial survey participants said they would sign one.

As Marketwatch’s financial advice columnist, Quentin Fotrell, explains in his Moneyist column: “Marriage is many things, but it’s also a business contract in addition to a commitment to spend the rest of your life together — or, at the very least, Demonstration of willingness to do so.”

“There are no hard and fast rules when it comes to prenuptial agreements. It really depends on what each party deems appropriate,” he adds. “The Art of Prenup deals with financial ones like compassionate and supportive issues. has to be balanced.”

,Premarital agreements are becoming increasingly popular as more people are marrying later in life, as they have more time to build a career and accumulate wealth while living alone.,

Years ago, another survey found that young couples are eyeing marriage contracts. In 2016, half of divorce attorneys polled by the American Academy of Matrimonial Lawyers said they were listening to more requests From millennial customers to premarital agreements.

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Boyd told MarketWatch that premarital agreements “have become more mainstream than ever”. Several years ago, Boyd’s firm used to make 10 to 15 premarital agreements a year. Now, it’s like two or three prenups every month, he said.

The documents may trace a thorny mix of love, money and family, but Boyd said in his experience that when customers look for them they are reduced to a single point of tension. “It’s common for parents to insist on being a prenup,” he said.

From Boyd’s point of view, premarital agreements are becoming increasingly popular as more people are marrying later in life, as they have more time to build a career and amass their wealth while living alone.

Another reason: When a second marriage takes place together, many prospective spouses do not want to go through the second process of dividing marital assets, he said.

Although Mr Green’s divorce papers say the marriage is “unexpectedly broken” – boilerplate legal language – the Greens issued upbeat statements.

“Together, Perry and I created our own family and raised three great children. She gave me the title of the best job you could ever earn: Mom. I will always be grateful for what a great father he is to our children. This is a personal and personal matter and I ask the media to respect our privacy at this time,” Representative Greene said in a statement.

“As we walk our separate paths, we will continue to focus on our three incredible children and their future endeavors and our friendship,” Mr. Green said in his statement.

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Credit: www.marketwatch.com /

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