As a result of his illustrious career, Dr. Dre’s net worth currently sits at a whopping $820 million – but maybe not for long. After 24 years, Dr. Dre’s wife, Nicole Young, is filing for divorce from the producer, rapper, and hip-hop icon. Reports indicate that the couple did not execute a premarital agreement prior to their 1996 marriage, which opens up Dr. Dre to significant financial exposure. In the absence of a premarital agreement, California – a community property state much like Texas – provides that property accumulated during marriage is owned by the community estate. Put simply, all of Dr. Dre’s income during the marriage, from his royalties as a solo rapper to his profits from Beats by Dre, is up for grabs. This means that Dr. Dre could see his hard-earned fortune be split in half right before his eyes in the coming months.
Dr. Dre and Young have two adult children, meaning that neither party will be required to pay child support to the other; however, it appears that Young has requested spousal support from Dr. Dre, which is oftentimes referred to as “alimony.” California, unlike Texas, has alimony laws that are very favorable to the spouse requesting it, which could require Dr. Dre to make payments to Young for years to come.
Shocking as these results may be, they could have been avoided with a simple premarital agreement drafted by experienced attorneys. For a low cost at the outset of marriage, Dr. Dre could have protected his 9-digit fortune from being awarded to his soon-to-be ex-wife. In Texas, premarital agreements not only afford future spouses wide latitude in crafting the terms of their marriage, but all premarital agreements are presumed to be enforceable unless and until proven otherwise. Texas allows prospective spouses to contract regarding the division of property upon divorce, spousal support (if any), and choice of law (i.e., which state’s laws apply to the premarital agreement). This makes Texas a favorable state for entering into and enforcing premarital agreements – provided that the premarital agreement is drafted well. The attorneys at McClure Law Group have a wealth of experience drafting, negotiating, and litigating premarital agreements and know the ins and outs of Texas law governing them. If you are contemplating marriage, contact a Texas prenuptial agreement lawyer from McClure Law Group at 214-692-8200.