Sometimes, the decisions made during a divorce, whether by the court or the parties involved, can still sting years later. Singer Jessica Simpson, who has become a hugely-successful entrepreneur, recently lamented her costly divorce from husband Nick Lachey 10 years ago. The former pop star once appeared in a hit reality show with her first husband. “Newlyweds: Nick and Jessica” ran from 2003 to 2005 — the year that the two called it quits.
In an interview with CNBC to discuss her billion-dollar line of clothing, fragrances and accessories, Simpson was asked about her biggest financial mistakes. She said, “For some reason I thought of my first marriage.” The interviewer told her that this was a common response.
When Simpson and Lachey married, she was making less money than him. Reportedly, Simpson’s father advised her not to get a prenuptial agreement.
As often happens in the entertainment and other businesses, however, their fortunes changed. At the time of the divorce, Simpson was reportedly worth about $35 million. Lachey’s worth was said to be considerably less at that point — $5 million.
It was not reported how much Lachey got in the divorce settlement. The two were married in California, which is a community property state. Therefore, without a prenup, their marital assets would be equally divided under state law. According to one media source, Lachey took less than half in order to expedite the divorce.
While many people recoil at the idea of a prenup, none of us knows what the future will bring — either in relationships or finances. Therefore, it’s wise to consider one. A family law attorney can assist you in drawing up a prenuptial agreement to help you protect what’s important to you.
Source: CBS News, “Jessica Simpson says biggest money mistake was first marriage,” Andrea Park, Sep. 11, 2015
