Former “American Idol” judge Mariah Carey and her billionaire fiancé James Packer are not planning to sign a prenuptial agreement, a report by Radar Online said Wednesday. The couple has not officially commented on their engagement but last week TMZ posted photos of a massive engagement ring on Carey’s hand.

“It seems like she has convinced him that there is really no need to even have one to begin with,” a source close to Carey told Radar Online, adding: “She told him that she really doesn’t need his money because she has plenty of her own.”

The source also said: “James said he did not want to upset Mariah by focusing on the whole prenup thing because she would like to think that they will be together forever. Bringing up such a minor issue would just take the romance out of the equation.”

While the 48 year-old Australian businessman’s fortune is estimated at a whopping $4.7 billion, Carey’s fortune is an estimated $520 million, Radar Online reported. Carey and Packer’s engagement comes just after 10 months of dating before which she was married to rapper Nick Cannon and had two children with him. Cannon and Carey officially ended their six-year marriage in December 2014 and in June 2015, TMZ confirmed that Carey was dating Packer.

The Radar Online report added that Packer popped the question, down on one knee and with a 35-karat ring, estimated at $8 million.

An earlier report by Radar Online also said, citing a source that Packer had initially planned to propose on Valentine’s Day but he just “could not wait any longer.”

The source added: “She has wanted to be his wife pretty much since they first got together and has already started to plan what type of wedding she wants to have.”