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No prenup for Mariah Carey and billionaire fiance

Maria Carey solidified her engagement to billionaire fiance James Packer after he gave her a diamond ring valued at about $8 million. Apparently, Carey told Packer that no prenuptial agreement was necessary because she has plenty of money on her own, so -- unlike many celebrity couples -- they will not be creating a premarital agreement.

Carey is worth about $520 million and Packer is worth about $4.7 billion. Both are clearly independently wealthy, but Packer might stand to lose if their marriage comes to an end -- especially if he continues to grow his fortune while the two are married. Packer said that he agreed with Carey's wish to forego the prenup, saying that the document would get in the way of their romance.

According to one source, Packer and Carey have a very strong love bond, and Carey has waned to marry Packer since they first met less than a year ago. Hopefully, their union will last, too, because without a prenuptial agreement their high asset divorce will be extra complicated to unravel.

A fortune can disappear in a heartbeat in a down economy or as a result of bad investment and/or business decisions. Similarly, a marriage can also unravel unexpectedly. Since there are no guarantees in Carey and Packer's union, jumping into marriage without a prenup is certainly going to be a leap of faith for both of them. And, in some respects, their sense of traditionalism might be admirable.

Still, California couples who are entering marriage -- no matter how much money or assets they have -- may want to consider a prenuptial agreement. Indeed, a premarital agreement will create an action plan in the unfortunate event that one's marriage comes to an end. Prenuptial agreements do not discount a couple's love for one another. Quite the contrary; they help ensure that if a breakup occurs, it will be handled peacefully, respectfully and cost effectively.

Source: hngn.com, "Mariah Carey And Billionaire Fiancé James Packer Won’t Sign A Prenup — Find Out Why!," Dina Exil, Jan. 29, 2016

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