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‘Michael loves Yvette, but he won’t let that interfere with his common sense – and his money – like it did before,’ a source allegedly told the publication.
The 50-year-old star and his bride-to-be, who will apparently tie the knot on April 27, will each keep the assets that they bring to the marriage, it has been reported.
Should the couple end up divorcing, Yvette will allegedly receive $1million for every year that they were married.
But the Cuban-American model, 33, reportedly is ‘OK with the agreement,’ because she doesn’t believe the prenup will ever come into play.
‘She feels they have a strong relationship. She can’t imagine that they’d ever split up!’
The insider added: ‘Yvette knows Michael was once a serial cheater, just like his buddy Tiger Woods.
Michael and Yvette appeared at the main Palm Beach County courthouse in Florida to apply for a marriage licence in the early morning of March 7, according to Kathy Burstein, a spokeswoman for the clerk's office.
Applicants must apply in person and a licence is good for 60 days.
Michael and Juanita had no prenuptial agreement, but Juanita walked away from the marriage in 2006 with $168million, their shared Chicago mansion and custody of the couple’s three children.