Ending a marriage can involve revelations — many of them relating to finances. While married couples in Texas may not worry about money as a unit when they part ways, one or both spouses might have financial concerns. However, when it is clear that one spouse makes significantly more money than the other, certain steps might be taken to protect his or her income. Even if a prenuptial agreement was not involved in the union, a postnuptial agreement entered into while the couple was married could outline how assets are split. That being said, sometimes these agreements are challenged in a divorce.
For example, although a postnuptial agreement between Lisa Marie Presley and Michael Lockwood stated that neither of them could lay claim to the other person’s assets in the event of a divorce, Lockwood seeks to toss that document out. According to recent reports, Lockwood seeks to recover $263,100 a year from Presley in spousal maintenance.
Based on current data, Lisa Maries makes $349,194 a month while Lockwood only brings in $2,580 a month working as a musician and guitar technician. Although the postnuptial agreement was signed in November 2007 following their nuptials in June 2006, Lockwood seeks to tear it up. If the terms of the agreement do not apply to their dissolution, he would be able to walk away from the marriage with the ability to enjoy a lifestyle that is closer to the standard of living he was accustomed to during marriage.
Currently, Presley was ordered to pay Lockwood’s legal expenses. She is already paying five installments of $10,000. As of now, Presley has not been ordered to pay any spousal support. Based on the documents presented, Lockwood itemized his monthly expenses during the marriage, and his request for $21,925 a month is roughly a third of that. At this time, it is not clear if the postnuptial agreement will stand as is or if it will be tossed out in the divorce proceedings.
Going through a high-asset divorce can be complex, especially if it is a former spouse that owns most of the assets and property. While it can present challenges, divorcing spouses should not be afraid to assert their rights and protect their interests. Even if a prenuptial or postnuptial agreement is involved, this does not mean the document will control the entire divorce process.
Source: Daily Mail, “Lisa Marie’s cash-strapped estranged husband Michael Lockwood is hounding multimillionaire Presley for $5,000 a year to splash out on gifts for his twin daughters and $18,000 for his vacations,” Ryan Parry, Jan. 23, 2018