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Prenuptial agreements could save this CEO a fortune

On Behalf of | Apr 1, 2016 | Family Law, Family Law |

Many Florida readers are unfamiliar with the name Elon Musk. He is the CEO of both Tesla and SpaceX and is estimated to be worth more than $13 billion. Musk is divorcing his wife, and this divorce is not the first for the couple. Musk is on his second marriage to actress Talulah Riley, and many are speculating whether the couple also had two prenuptial agreements.

The pair first married in 2010, then divorced in 2012. They remarried in 2013, and Riley filed for divorce again a short time later. Elon Musk is said to have earned $2.9 billion in 2013, largely due to an increase in the value of his shares in Tesla. In the couple’s first divorce, Riley received approximately $4.2 million, along with a Tesla Roadster and valuable jewelry.

The couple had a prenuptial agreement during their first marriage, but it is unknown if they signed a new agreement before tying the knot a second time. The agreement that was in place during the first marriage would be void after that union was dissolved in divorce. In order to receive new protections, the parties would have needed to create an entirely new agreement.

As this case continues, many Florida readers can expect to learn a great deal more about the lifestyle of this family as well as how their marriage unfolded a second time. Should there be no prenup, Riley would be entitled to a division of wealth that could net her billions of dollars. As with all prenuptial agreements, such a contract would have had to have been entered into free from any type of duress and only after both parties were fully aware of the scope of wealth involved.

Source: Town and Country, “Elon Musk’s Divorce Could Cost Him Billions“, Sam Dangremond, March 24, 2016

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