The media over the next couple of months is likely to be all over what is being touted as the divorce of the year, if not the decade-Rupert Murdoch’s separation from his wife, Wendy Deng.
Murdoch, one of the world’s richest and most powerful men, recently announced his plans to divorce his wife of 13 years. Deng is also the mother of Murdoch’s two children. The couple, who married in 1999, when he was 68 years old and she was 30, took everyone by surprise by the announcement.
Murdoch has a personal fortune that is worth billions of billions of dollars, and that fortune is likely to come under the spotlight. Divorce courts around the country are scattered with the remnants of personal fortunes worth billions of dollars that were reduced dramatically following a divorce.
Murdoch is one of the shrewdest businessmen around, and he is believed to have made Deng sign a prenuptial agreement before their nuptials in 1999. In fact, his ex-wife Anna Torv during their divorce in 1999, had received $ 1.7 billion in assets, but was been eligible for much more because they got married in California. California is a community property state, which means that marital assets are distributed equally among spouses during a divorce. Thanks to Murdoch’s prenuptial agreement however, Torv had to settle for a $ 1.7 billion settlement.
Prenuptial agreements are not just recommended for people of high net worth, but also mandatory. In an environment where more than 50% of marriages end in divorce, it is not just risky, but also foolhardy to skip the pre-nup before you sign a marriage contract when you are a person who earns very well, or is expected to earn very well over the next few years.