The 14-year marriage of Rupert Murdoch and Wendi Deng has recently come to an amicable and peaceful end after Murdoch filed for divorce in June this year. Both parties agreed to a confidential settlement that was given court approval this week. The settlement will allow Murdoch and Deng to avoid the stress of litigation, and the public scrutiny that a trial would bring.
The settlement agreement includes arrangements for both parties’ significant financial affairs, and the custodial arrangements of their two daughters. Manhattan Supreme Court Justice Ellen Gesmer congratulated both parties on their amicable settlement, and wished them good luck in the future.
Both Murdoch and Deng were also subject to prenuptial agreements. In Australia such agreements are known as Binding Financial Agreements and they generally determine:
1. The assets and liabilities of each party prior to marriage.
2. Who is to retain the assets and liabilities obtained prior to marriage in the event of separation.
3. How property acquired during the relationship will be dealt with in the event of separation.
4. How inheritances, gifts and windfalls will be divided in the event of separation.
For a comprehensive guide on prenuptial agreements, check out one of our previous blogs here.