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Perry-Brand high asset divorce settled

Maryland residents may already be aware that unlike many celebrity couples, Katy Perry and Russell Brand have had a remarkably amicable divorce. Although considered to be a high asset divorce based on the celebrity status of both stars, particularly of Perry, the parties never entered into a prenuptial agreement prior to their marriage.

The parties' failure to execute a prenuptial agreement could have been a very costly mistake for Perry in particular. Brand could have claimed an entitlement to half of what the "Firework" singer earned during their marriage. He also could have claimed an interest in the $6.5 million dollar home, which was marital property as it was purchased during the parties' 14-month marriage.

It turns out that Brand did not demand any money at all from Perry and asset division between the parties was not disputed. Most celebrity marriages do not end quite as amicably as this one.

A prenuptial agreement can be a very useful tool for protecting one's assets and one's property that was acquired prior to the marriage. Although planning for asset division in an unforeseen future can be difficult to talk about with a prospective spouse, it is much better for each party to be fully informed about their future partners' assets and debts before they enter into the marriage.

A prenuptial agreement ensures that spouses-to-be have a chance to divulge all of their financial information to each other prior to the marriage and articulate exactly how they wish assets, property and debts to be divided should a divorce occur at some time in the future.

Source: huffingtonpost.com, "Katy Perry Divorce Final From Russell Brand," July 16, 2012

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