Pennsylvania residents have likely heard media coverage of the high-profile divorce of Rupert and Wendi Murdoch. The high asset divorce case has been a focal point for months as the wealthy couple worked out the details of the dissolution of their marriage. In recent days, however, the couple announced that they have reached an agreement and are ready to move forward.
The Murdochs were married for over 14 years prior to deciding to part ways. Although many speculated that the couple would engage in a lengthy court battle, the final resolution was quiet and civil. The details of the arrangement were outlined within a divorce settlement that spanned a range of one hundred pages.
The two were likely able to reach an agreement due to the fact that they had both prenuptial and postnuptial agreements in place to guide them. Having these documents in place gave their legal counsel a set of blueprints as to how the divorce would be laid out. In the end, Ms. Murdoch was granted the right to remain within the penthouse triplex the family owns. The couple’s two children will live with her at that address.
As this high asset divorce case demonstrates, couples who have formal written agreements in place can avoid much of the contention and expense of a litigated divorce. Prenuptial agreements can lay out a clear path for the division of assets, if and when a divorce should occur. Couples in Pennsylvania and elsewhere who were married in the absence of a prenup can still gain these advantages by drafting a postnuptial agreement.
Source: The New York Times, Rupert and Wendi Murdoch Reach a Divorce Settlement, Peter Lattman, Nov. 20, 2013