Kevin Ulrich -- the owner of a prominent investment firm in New York -- and his wife, interior designer Laura Santos, are calling it quits after being married for the past 10 years. Although no divorce papers have been filed yet, the couple has already begun the process of splitting up their assets. A reported $21.5 million has already passed hands as part of this process.
The couple owned two different marital homes prior to separating. In exchange for her share of the apartment, Ulrich paid just under $5.2 million. He also bought her out of the mortgage on their double townhouses that they purchased in 2012, which came to about $16.3 million.
Determining who would retain ownership of which homes might have been the easiest part of the divorce process. Both Ulrich and Santos are business owners, and Ulrich's investment firm has a 30 percent stake in the MGM studio, making it the studio's largest owner. Unless the couple had a prenuptial agreement that addressed how any financial gains from these companies might be handled in the event of a divorce, future aspects of property division might not be as clear.
Prenuptial agreements are a useful tool for virtually any couple to address how certain assets will be handled during a divorce, but they are especially important when either party has a high net worth, significant assets or is a business owner. Even otherwise amicable divorce proceedings, emotions can run high when it comes time to decide who actually gets what. If a New York couple failed to sign a prenup prior to walking down the aisle, it is still possible to sort out these types of potential future issues in a postmarital agreement.
Source: pagesix.com, "Hedge funder's pricey divorce", Emily Smith, July 13, 2015