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No prenuptial agreement in New York billionaire's divorce

While it may be true that many people with high assets will never need to count on a prenuptial agreement to protect their property, that certainly isn't true for everyone. People who never could have imagined getting divorced end up dividing their property in a divorce settlement. Prenups can certainly help couples realize their financial goals, but a prenup can also keep assets and debts in the right camps if the marriage should become irretrievable.

The New York divorce of celebrity and former pharmaceutical company owner Stewart Rahr is an instructive example. He and his former wife Carol did not have a prenuptial agreement, and billionaire Stewart is obliged to give up 16 percent of  his fortune in the divorce settlement.

It wouldn't be accurate to say that the so-called "King of All Fun" will be hurting for money after paying out to his ex, but not every entrepreneur is willing to give up a huge chunk of assets earned while building up a company. In this case, Stewart Rahr built the pharmaceutical company Kinray over the course of years and then sold the business for $1.3 billion.

Now Carol will receive $250 million, as well as the former couple's $30 million apartment in Trump Park Avenue.

For her part, Carol reportedly expressed concerns that Stewart was throwing away the marital money on charities and elaborate parties. Here, too, a prenuptial agreement might have clarified who can do what with marital and individual assets.

New York business owners and their spouses should know that a prenuptial agreement, even if it's not ever used, can offer peace of mind for the duration. 

Source: The Inquisitr, "$250 Million Settlement Awarded To Billionaire's Ex-Wife," 

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