billionaire Amazon Founder Jeff Bezos and the former journalist Lauren Sanchez have an extravagant wedding in Venice this weekend, which the media already, prominent guest and guests More than a few demonstrators. The event is the highlight of a month -long production by wedding planners and very likely through teams of lawyers who combed the couple’s complex finances to create an iron marriage agreement.
Both Bezos and Sanchez were previously married and divorced, notes Marilyn Chinitz, marriage lawyer, several billionaires and celebrities such as Tom Cruise and Michael Douglas. And Bezos had no prenup during this first marriage; Mackenzie Scott, his ex-wife, author and philanthropine, received Amazon shares worth ten billion in her divorce. Sanchez also comes into the relationship with significant wealth, although in a different level (she and ex-husband Patrick Whiteell had reportedly a prenup that dictated the division of her assets in the divorce in 2019).
Representatives of Bezos and Sanchez did not immediately answer a request for a comment on whether the couple had a prenup, but Chinitz, who does not represent a party, says that the couple probably had teams of lawyers and other experts.
Such an extensive process would reflect the incredible complexity of the couple’s finances. In the case of Bezos, the Amazon shares, which were the main source of his wealth, gained considerable value during his marriage to Scott, who was considered an important role in creating this assets. Even with an existing prenup, she would probably have come out of marriage with considerable assets, since it was about marriage, says Chinitz. For his second marriage, Bezos is already entering billions of dollars, investments in dozens of companies, several houses, yachts and other assets. In the meantime, both Bezos and Sanchez have children from their previous relationships.
Chinitz notes that every Bezos-Sanchez-Prenup, which was designed on documents for other over and wealthy couples, would most likely contain many non-financial provisions that would go hand in hand with those who have money and possessions. This includes non-open-ending agreements and non-procurement clauses in connection with media activities, confidential business information, the scope of prenup negotiations, etc.
“In view of Jeff, one of the richest people in the world … data protection issues and confidentiality management are also important considerations,” says Paul Karger, CEO of Multifamily Office and private investment company TwinFocus. “There should be a clear understanding of the use and abuse of the media and social media sales outlets as well as the storage and storage of documentation, (and) restriction of public interviews.”
At the end of the day, both Bezos and Sanchez probably not consider this as a wedding, but also as a “business transaction,” says Lauren cranePartner at Bender & Crane in New York and expert for marriage agreements, which was not involved in Bezos or Sanchez.
Prenups no time for secrets
Not every future spouse is entirely related to the assets they bring to a marriage “Secret” Trusts and LLCs hide your money. However, Chinitz says that this is unlikely for someone of Bezos’ wealth. He and his team would probably disclose all of his assets, companies, real estate, etc., as well as Sanchez, to ensure that the agreement would hold on to a possible divorce.
“You never want to be in one position when a spouse was
In the case of the deliberate rich, a team of experts on both sides, including “layers of lawyers”, takes this, book owners and tax professionals to decipher the in the assets of the assets of each party. Understanding and transparency is the key to ensure that the resulting prenup document will be brought to court in the event of a separation. Crane says that Sanchez is probably very familiar because she has her own money and was previously divorced. It gives her an advantage, for example a 20-year-old who is married to someone with money and has no idea what to do.
“Maybe she doesn’t have as much as he has, but she still has money,” says Crane. “There is no way that you will appear on the street when you get divorced.”
A destination is also usually included in Prenups of the Ultra-rich to discourage it in the event of a divorce. In fact, this could mean that the process lawyer ends nothing.
“If a process” must have a real consequence to remove and invalidate a fully negotiated agreement. ”
Fair and appropriate agreement
While wealth would be viewed as a separate property of Sanchez of Sanchez, Chinitz would have to be “fair and appropriate”. In other words, if they were divorced, the partner with fewer assets would not be left in place.
“The courts check the financial disclosure to ensure that the agreement is fair, appropriate, not the result of fraud, and that the conditions are not confusing,” she says.
It would be typical of the two to design a title agreement: Everything that currently belongs in Bezos ‘name belongs to him, everything in Sanchez’ name belongs, and marriage is in both names. Chinitz calls this the “cleanest” agreement that couples can have.
Nevertheless, it is also common for the rich to create real estate comparison agreements. They are calling for the less wealthy spouse to agree to waive future claims against assets in exchange for a fixed amount of money. Overall, this is done in the form of a flat -rate payment according to a certain number of marriage years or a certain amount of money per year of marriage. In addition to any support that she would be justified, this would be the assets in both names (such as houses), although Crane says that this is typical if both spouses are wealthy to do without support and maintenance with the spouse.
A related component of many marriage agreements is a sunset clause, which means that certain clauses or entire contracts fall after a certain period of time, e.g. B. 10 years or when a milestone is reached, like the birth of a child. For example, the prenup could determine that the agreement, if a couple has been married for 15 years, could “disappear” or dissolve if it reaches a certain age. Chinitz says that she does not expect the Bezos-Sanchez contract to include this because they have in the 50s and 60s and already children.
In the event of a divorce, Sanchez will “probably go away with a considerable amount of money, but nowhere near what his first wife Mackenzie got,” she says. “Mackenzie helped the creation of these assets. His wealth existed long before he met Lauren Sanchez or married.”
portability
While Bezos and Sanchez call Südflorida home (A Recent development), they have several houses in different jurisdiction, including Beverly Hills, Hawaii and New York, and often travel on the Superyacht Koru. It is therefore important that the prenup is wearable, says Chinitz. The lawyers will ensure that the courts, regardless of where they can live or possibly divorce one day, will be ruled on the law of signing the contract.
“If you decide for some reason that you move to Switzerland or France, you will keep the local lawyer there, which is an identical agreement, which is identical, the reflection to which you have closed before you have married,” she says.
In addition, the prenup supplies for the inheritance, gifts, philanthropy, etc.
“Jeff should have his team of lawyers checked all commercial, business and monetary transactions to ensure that everything matches its general terms and conditions for the marriage agreement and with philanthropic and multi-generation activities,” says Karger.
Until death
Nevertheless, prenups also determine what would happen if one of the partners should die while the couple is still happily married. In this case, Chinitz expects that there will be a complex series of trusts and other assets that pass to Bezos’ children and that of Sanchez.
“It is likely that in the event of his death, he will probably set up a very extensive trust for Lauren, provided you are in an intact marriage, and this trust would distribute a significant amount of money every year in order to cover all of her expenses,” she says. “But if she dies, the beneficiaries will probably go to either a foundation or to his children.”
The surviving spouse would also receive his marital assets, including houses, investments, etc. The surviving spouse could be held together in addition to what was in confidence and together to deliver liquidity immediately, says Chinitz.
In addition, there could be provisions on how the surviving spouse can stay in the house (provided that it was only in the name of the dead spouse) to his or her death and then to her children or another beneficiary.
“It is known that he is a very spacious man,” she says. “It is a mixed family of seven children, and I am sure that he will also take care of her children. He is not legally obliged because he is not the father, but I am sure whether it is a happy marriage, he will also make your children.”
