Basketball fans in Illinois and elsewhere may remember Kevin Garnett from his days as an NBA superstar. However, he is now in the news because of legal issues between himself and his wife. She claims that she signed a prenuptial agreement under duress and wants it to be declared invalid. Kevin Garnett has requested a trial to determine its validity before negotiating new asset division or spousal maintenance agreements.
Garnett’s wife currently receives $100,000 a month in temporary support payments. However, that amount could increase if the current agreement is not upheld. Garnett claims that he made over $300 million during his playing career, and he also claims that his financial adviser embezzled $70 million from him. The couple has two children together, and Garnett’s wife has asked for physical custody of both of them. A hearing regarding the prenuptial agreement is scheduled for July.
The use of a prenuptial agreement may make it easier for individuals to protect assets in the event of a divorce. However, this might only be possible if the agreement is deemed to be valid by a court. An attorney may review such a document before it is initially signed by both parties to the marriage as well as prior to divorce proceedings.
There are many reasons why an agreement could be declared invalid, such as a claim that it was signed under duress. Ideally, the terms of a prenuptial agreement will be determined several weeks or months before a wedding takes place. Such agreements may also be thrown out if any of its terms violate state law or are otherwise seen as unreasonable. In some cases, certain language will be struck down or need to be revised while other terms remain in place.
Source: Yahoo, “Kevin Garnett’s Millions at Stake in Divorce After Estranged Wife Challenges Prenup“, Gary Trock, 06/07/2019
