Articles Posted in Pre Nuptial

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Prenuptial agreements are effective legal tools that allow a couple to resolve certain issues before they get married. These include determining how property will be divided and how other issues will be handled in the event that they divorce. It is important to remember that these agreements are legally binding contracts that are generally enforceable later down the road. That’s the main takeaway from a recent case out of California’s First District Court of Appeals.

wedding ringHusband and Wife signed a prenuptial agreement shortly before they married in November 1990. Under the terms of the agreement, which they signed in Arizona, the couple pledged to treat all income and property obtained by one spouse during the marriage as separate property. That meant that each individual spouse would be entitled to all of that income and property in the event of a divorce.

Wife eventually filed for divorce in 2011, and a trial court found that the agreement was enforceable over Husband’s objection. It also denied his request for alimony and a separate request to be reimbursed for improvements that he started but didn’t finish on a home that Wife purchased.

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A prenuptial agreement is a legal tool that allows a couple to plan how certain issues will be resolved in the event that they divorce. There are a number of issues that can be included in these agreements. For example, spouses may want to determine ahead of time how their assets and other property will be divided. California law generally treats all assets gained by one or both spouses during a marriage as community property to be divided equally upon divorce. Although spouses may use a prenuptial agreement to alter this arrangement, a recent case out of California’s Second District Court of Appeals shows just how detailed such a contract should be.

learning-with-pencil-948188-mHusband and Wife began divorce proceedings in 2014, following roughly 21 years of marriage. They entered into a prenuptial agreement shortly before marrying, and much of the litigation related to the divorce revolved around how that document should be interpreted. The spouses pledged in the agreement that all property that they currently owned would be considered their separate property in the event of a divorce, and that any property gained by one spouse during the marriage – including salary income – would also be separate. The agreement specifically listed furniture, jewelry, bank accounts, and expected inheritances as separate property. It did not mention employment-related retirement accounts or deferred compensation.

At trial, the parties disagreed about whether their individual retirement savings should be considered separate or community property. A trial court ultimately sided with Husband, finding that the retirement benefits weren’t covered as “salary” under the prenuptial agreement. Instead, the court said the term salary referred to “money received from a paycheck and nothing more.” Because the court found no evidence to show that the spouses meant to include retirement benefits in the salary category, it held that the benefits must be deemed community property.

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The media over the next couple of months is likely to be all over what is being touted as the divorce of the year, if not the decade-Rupert Murdoch’s separation from his wife, Wendy Deng.

Murdoch, one of the world’s richest and most powerful men, recently announced his plans to divorce his wife of 13 years. Deng is also the mother of Murdoch’s two children. The couple, who married in 1999, when he was 68 years old and she was 30, took everyone by surprise by the announcement.

Murdoch has a personal fortune that is worth billions of billions of dollars, and that fortune is likely to come under the spotlight. Divorce courts around the country are scattered with the remnants of personal fortunes worth billions of dollars that were reduced dramatically following a divorce.

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Prenuptial agreements are highly recommended for any young couple getting married and are absolutely required for high net worth individuals, or young people who expect to make a lot of money in the coming years.

However, many prenuptial agreements are often unsuccessful because it is one of the partners feel like they were dealt a short hand. Many females are likely to feel that they were unfairly dealt with in the prenuptial agreement. Many young women do feel pressured to sign the prenuptial agreement, especially one that has been presented at the very last moment just before she walks down the aisle.

Make sure that the prenuptial agreement protects your rights. Don’t allow anyone to force you to sign a prenuptial agreement. In fact, it is a great idea to get a family lawyer or a divorce attorney to go over your prenuptial agreement before you sign it. Your attorneys are likely to find little details that can compromise your rights. Take time to go over your prenuptial agreement clauses, and ask your attorney all questions that you want before you decide to sign.