The lead story in the Chicago Tribune Business Section this Sunday was about the divorce of the wealthiest man in Illinois, and the court fight over the validity of his premarital agreement. According to Mr. Griffin’s agreement his wife should end up with about fifty million dollars. after the divorce. Mrs. Griffin however is challenging the agreement and hoping to take away a much larger share of her husband’s five and a half billion dollar net worth.
While I am not to worried about either one of them ending up in the poor house if they lose the argument, their controversy illustrates a common area of concern with a premarital agreement. The contract was signed one day before their 2003 wedding, and when these agreements are entered into this close to the marriage date they are subject to challenge based on the inability to carefully consider what the parties are signing with this time pressure. I do know lawyers in fact, who for this reason will refuse to represent parties in a premarital agreement unless they are going to sign the agreement at least thirty days before exchanging vows.
One might be surprised that this could happen to a couple, who had very talented lawyers working on the agreement, and who presumably fully advised their clients on the consequences of their acts. However, there are two facts of human nature, that no doubt were involved. First of all no one wants to reschedule their wedding at the last minute, and a suggestion to do from your family lawyer is unlikely to be well received.. Second when negotiation is involved contracts frequently take longer to finalize than the parties anticipated.
In conclusion I should probably just say that like obtaining a reservation for your reception hall, writing your premarital agreement is something you should try to allow plenty of time for when one is planning to tie the knot.
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