Online divorce can ease the process in the dissolution of a marriage, but most people hope they never need it. And no one goes in to theirwedding vows thinking of all the ways it could go wrong.
Then, there’s Rupert Murdoch.
The NewsCorp head is in the process of divorce number three, this time to Wendi Murdoch, his wife of 14 years.
After the previous divorces, including a costly $1.7 billion settlement with his second wife including $110 million in cash upfront — hat tip to The Hollywood Reporter — the feisty 82-year-old had the wherewithal to get a prenuptial agreement before marrying Wendi in 1999.
Still, Mrs. Murdoch will likely walk away with a substantial settlement, in part due to child support payments for the couple’s two young children and whatever they agreed to at the initial signing of the prenup.
The Murdoch case isn’t uncommon for unions where one or both parties have substantial assets. You work hard, you want to protect what you’ve earned, and the myths about rampant divorce statistics certainly don’t ease the paranoia.
But isn’t resorting to a prenup a way of throwing in the towel before you get started? To answer accurately, one would need stats on percentage of prenup marriages ending in divorce.
While such figures can be hard to come by, an April 5, 2013, column in The New York Times stated couples who do not share assets are 145 percent more likely to get divorced, while those with joint bank accounts are less likely.
Columnist W. Bradford Wilcox writes: “So, the kind of partners who wish to hold something back from their spouse in a marriage -— emotionally, practically and financially -— and to look out for No. 1 instead are more likely to end up unhappy and divorced. If that is your aim in marrying, go ahead and get a prenup.”
But is Wilcox being fair to prenup signers? If you’re currently going through a divorce — even an “easy” online divorce — you know the emotional pain resulting from the breakup of a marriage makes it hard to cope.
Starting over with half (or possibly less) of the assets you had doesn’t make it easier. And while you probably don’t want to get in a car accident, you shouldn’t avoid purchasing auto insurance, should you?
Still, the “145 percent more likely” stat isn’t something to ignore if you’re thinking about a prenuptial agreement. But it’s important to note how you go about the prenup has everything to do with its risk of condemning the marriage before it begins.
Prenups aren’t easy to discuss because they symbolize the possibility of failure and a lack of trust in your potential spouse. But if you can do it openly, honestly, and with respect and concern for the other person, then signing one won’t necessarily be a death sentence to your marriage. And in the event things don’t work out, it will make the online divorce process even easier.
What do you think about prenuptial agreements — acceptable precaution or marriage killer?
Prenups are merely to protect a lifetime of earnings and hard work. There’s no reason to give up what you’ve worked so hard for just because you’re getting a divorce. Any financially savvy couple will agree that working together to create a prenup is a smart idea.