Category: Agreements

Celebrity Prenuptial Agreements

Posted by Ron Kauffman on

Prince Harry said he knew Meghan Markle was the one the first time they met. Now he’s showing his confidence in their union by rejecting a prenuptial agreement, reports the Daily Mail. What are prenuptial agreements and why does Meghan Markle want one?

The Royal Prenup

According to the article:

“There was never any question in Harry’s mind that he would sign a prenup,” one of his friends said. “He’s determined that his marriage will be a lasting one, so there’s no need for him to sign anything.”

Okay, but real talk: For one, prenups aren’t legally enforceable in the UK, although they are taken under consideration in divorce cases.

And, Harry isn’t the only royal who has shunned prenuptial agreements. Prince William and Kate Middleton reportedly didn’t sign one before their wedding, and neither did their mother, Princess Diana.

Florida Prenups

I’ve written about prenuptial agreements before. Prenuptial agreements are about more than just uncertainty in a marriage. Any couple who brings any personal or business assets to the union can benefit from one.

The most basic of these prenups lists an inventory of premarital assets that would stay with the original owner in case of a divorce.

The agreement can also include monetary support during and after a marriage, child support, and how future income or additional assets like inheritance will be shared (or not shared) if the couple splits.

Many think prenuptial agreements are for the wealthy or famous, like Prince Harry. But, you don’t always enter a marriage with riches, or guarantees that the bliss will last. It might not be a bad idea to have a plan in place – in case of intrigue at the palace.

Prenuptial agreements, typically resolve things like alimony, ownership of businesses, title of properties, in addition to the lifestyle clauses of celebrities.

There are many other, more mundane, concerns that can be addressed in the prenup:

  • Caring for a parent
  • Going back to school;
  • Shopping habits
  • Credit card debt;
  • Tax liabilities;
  • Alimony and child support from previous relationships; and
  • Death or disability.

Celebrity Prenups

Many celebrities have prenuptial agreements which can have unique clauses too. For example:

Jay-Z and Beyoncé

If this couple ever find themselves not-so “crazy in love,” the couple reportedly signed a prenuptial agreement that gives Beyoncé $5 million for each child they have together, and that Beyoncé would earn $10 million if the marriage ended before two years, and $1 million each year that they remained married, up to 15 years.

Michael Douglas and Catherine Zeta-Jones

The couple has been married since 2000, but if they divorce, Catherine would reportedly receive $2.8 million for each year of marriage, according to New York Daily News. (So, if they split today, that would add up to over $50 million.) And if Michael cheated, she would also get a $5 million bonus.

Mark Zuckerberg and Priscilla Chan

There’s no word on if the couple signed an official prenuptial agreement, but the book Once You’re Lucky, Twice You’re Good reportedly revealed that Priscilla had Mark sign a relationship agreement when she moved in with him after graduating from Harvard.

Their purported agreement required the couple to have a date night once a week and spend 100 minutes of alone time together weekly outside of the office or their home.

The Women’s Health Magazine article is here.

 

Daredevil without a Prenup

Posted by Ron Kauffman on

Ben Affleck and Jennifer Garner have not resolved their jointly filed divorce one year after filing. Reports suggest they never had a prenuptial agreement, which may be the reason the divorce is taking so long after they filed.

Gone Girl

The actors filed to end their 10-year marriage on April 13, 2016, nearly two years after they originally announced their split, but there are no reports of a prenuptial agreement filed.

The divorce isn’t finalized and the two have been in mediation to settle privately. The actors are seeking joint physical and legal custody of their three children.

Affleck and Garner, costarred in 2003’s “Daredevil” and wed in 2005. They announced their intention to divorce in June 2015, after 10 years of marriage, but did not file documents until now.

“After much thought and careful consideration, we have made the difficult decision to divorce,” the couple said in a joint statement in 2015.

According to TMZ, Affleck and Garner do not have a prenuptial agreement, meaning everything is on the table for negotiation and possibly trial.

Prenuptial Agreements

I’ve written about prenuptial agreements before.

Many people think prenuptial agreements are for actors such as Affleck and Gardner. That is just fiction out of Hollywoodland. Even if you don’t enter a marriage with Affleck’s wealth, it might not be a bad idea to have a prenup.

The lack of a prenuptial agreement for Affleck has probably means that a lot of issues they could have resolved at the beginning of the marriage, may have to be fought over the past year since they’ve filed..

Prenuptial agreements, or “prenups,” are contracts entered into before marriage that outline the division of assets in case of divorce or death.

A prenup can resolve things like alimony, ownership of businesses, title of properties, and even each spouse’s financial responsibilities during the marriage.

There are many other concerns that can be addressed in the prenup:

  • Caring for a parent
  • Going back to school
  • Shopping habits
  • Credit card debt;
  • Tax liabilities;
  • Alimony and child support from previous relationships; and
  • Death or disability.

A few of the points of a prenup, is that you get to decide on the amount of alimony, the terms of alimony or whether you will pay any alimony at all, and how to divide movie royalties and other assets.

Chasing Amy

Putting aside the lack of a prenuptial agreement, Affleck and Gardner seem to be doing well by their children. The whole Affleck Gardner family recently made a group trip to Sea Life Park in Oahu. “During the trip, Garner stayed at a resort while Affleck stayed at a nearby house. Additionally, there are reports that Affleck is looking to buy a home near Garner in Los Angeles.

“Ben is looking to buy a family friendly house,” a source previously told PEOPLE in October 2017. “Lindsay shared her opinions, but it was clear that they are not buying a house together.”

Affleck had been living in a rental since he moved out of the family estate he used to share with Garner. Prior to their divorce filing last April, he was living in the family’s guesthouse.

The Los Angeles Times article is here.

 

Sex, Lies and Prenups

Posted by Ron Kauffman on

Why didn’t the wife of Hollywood producer Harvey Weinstein file for divorce months ago when the news broke? It may be because of their prenuptial agreement. According to Newsweek, their prenup may make the amount of alimony he pays her pegged to the number of years they remain married.

Weinstein in Love

Chapman, the 41-year-old Marchesa fashion owner, met her much-older husband, 65-year old  film maker Harvey Weinstein, after he approached her at a party in 2004.

She was a young fashion model just starting out. He was an old, balding, overweight, movie producer worth millions. Obviously love at first sight.

The couple dated for the next three years, until they got engaged in November 2007, marrying one month later in Connecticut.

The Crying Game

A few months before the 10-year mark of their marriage, things have turned sour. But Chapman did not file for divorce despite the news reports and string of celebrity interviews.

Harvey Weinstein has become the new face of sexual transgressions in the workplace. He was ousted from his own company after The New York Times uncovered a string of settlements paid out by Weinstein for harassment over multiple decades.

A subsequent investigative report by The New Yorker alleged incidents of sexual assault and rape.

A chorus of women have come forward to condemn the producer and share stories of his sexual misconduct, including Angelina Jolie and Gwyneth Paltrow.

Despite world-wide headlines about the sexual scandal, Weinstein’ wife has steadfastly stuck by him over the next few months, and no one can figure out why.

A little digging by reporters has turned up the Weinstein prenuptial agreement, which may explain his wife’s decision. His wife Chapman, a bridal and couture designer, stands to gain nearly $12 million in spousal support based on the couple’s prenuptial agreement.

Under the agreement, which was signed by Weinstein and Chapman in December 2007, Chapman could be awarded $400,000 annually for every year of marriage after reaching their 10-year mark.

The amount could increase to $1 million annually after 11 years of marriage. The couple had their 10-year anniversary on Friday.

Prenup Fiction

I’ve written about prenuptial agreements before. Many people think prenuptial agreements are for the wealthy. That is nothing more than pulp fiction. Even if you don’t enter a marriage with Weinstein riches, it might not be a bad idea to have a prenup. It certainly seemed to help Harvey Weinstein’s wife, and maybe even protect him too.

Prenuptial agreements, or “prenups,” are contracts entered into before marriage that outline the division of assets in case of divorce or death.

A prenup can resolve things like alimony, ownership of businesses, title of properties, and even each spouse’s financial responsibilities during the marriage.

There are many other concerns that can be addressed in the prenup:

  • Caring for a parent
  • Going back to school
  • Shopping habits
  • Credit card debt;
  • Tax liabilities;
  • Alimony and child support from previous relationships; and
  • Death or disability.

There are times when a prenup is a “must-have”:

  • When one person enters the marriage with significantly more money or assets than the othe
  • When one or both future spouses have family money or inheritances
  • When you want to keep parts of your finances separate: such as separate bank accounts, and a joint account for paying household bills.

One of the points of a prenup, is that you get to decide on the amount of alimony, the terms of alimony or whether you will pay any alimony at all.

Kill Harvey Vol. 3

Though no divorce petition was ever filed, Chapman left Weinstein in October after the multiple allegations of sexual harassment and assault became front page news world-wide. No one knows if the alimony provision in the Weinstein prenup is the cause.

In a statement to People magazine released on October 10th, Chapman announced her plans. albeit without a timeline:

“My heart breaks for all the women who have suffered tremendous pain because of these unforgivable actions. I have chosen to leave my husband.”

The Newsweek article is here.

 

A Royal Prenup

Posted by Ron Kauffman on

When Prince Harry asked Meghan Markle to marry, many dreamed of her fairytale wedding. Grizzled divorce attorneys thought of something else: what kind of royal prenup would his Highness make her sign. Surprisingly, some think none.

That’s right. Some people in Great Britain are speculating that Ms. Markle and Prince Harry may not sign a pre-nuptial agreement before their royal wedding next Spring. Why not?

According to the Britain’s Daily Express, for instance, the 33-year-old prince would not take the steps to protect his £30 million fortune after his engagement to the US actress was announced by making her sign a royal prenup.

History of Royal Prenups

Many would have said anyone in their position should be advised to have royal prenup. And the reason being is so they can resolve financial matters between themselves without it being in the spotlight.

There is precedent among the Royals too. For instance, when Crown Princess Victoria of Sweden married her former fitness instructor, agreements were drawn up to define how the wealth would be divided should they separate.

Lawyers acting for the princess ensured that all property, inheritance and gifts belonging to the royal household remained in her name alone. A royal prenup may be required to do that.

After Prince William’s engagement to Kate Middleton was announced, many urged the couple to sign a prenuptial agreement, saying it was important to be practical and ensure that every future eventuality was considered.

Florida Prenuptial Agreements

I’ve written on the topic of prenuptial agreements before. A prenuptial agreement is called many things: sometimes “antenuptial agreement”, other times “premarital agreement”, or most often “prenups”.

A prenup is a legal contract, much like any other legal contract, and it is entered into before a marriage by the couple intending to marry. So, why have one?

The contents of prenuptial agreements can vary widely. However, prenups commonly include clauses that spell out how to divide property accumulated before and after the marriage, and support or alimony in the event of divorce or death.

There are times when a prenup is a “must-have”. For example, when one person enters the marriage with significantly more money or assets than the other, or you want to keep parts of your finances separate.

Arguments about money are a known predictor of divorce. In order to avoid that, it is better to discuss with each other the terms of a prenuptial agreement when times are good.

Prenups can also have extreme clauses. For example, prenups can include provisions to cover you in the event your spouse engages in excessive drug use, has extra-marital affairs, becomes an excessive spender, or begins a gambling habit.

Future Royal Prenup?

With the British Supreme Court having recognized the validity of prenups, a debate has begun in British legal circles as to whether it would have been prudent for the royal couple to have taken advantage by having a royal prenup, just in case.

Prenuptial agreements have been popular across the pond in the U.S. for many years, but were never part of British law. That is changing in the U.K. due to a relatively new case.

After a 2010 ground-breaking case in Britain, prenuptial agreements are now afforded heavy weight within the UK Family Court, unless considered to be unfair.

The British prenup case involved a German heiress and French investment banker. To help protect her £106 million fortune, the couple signed a prenup, which stated neither party would benefit financially if the marriage ended.

When the Judges found in favor of the Wife’s prenup, the case marked the first time that prenuptial agreements were recognized as enforceable under British divorce law.

Prenuptial agreements are not simply about money either. Kings, Queens, Princes and Princesses can also use prenups to ensure confidentiality is maintained after any unseemly split.

The U.K. Express article is here.

 

Viva Las Agreements

Posted by Ron Kauffman on

Some lucky hound dog is going to buy Elvis Presley’s marital settlement agreement. It is now or never if you want to bid on the King’s agreement with Priscilla Presley too, because it’s going up for auction.

Return to Sender

As People magazine reports, one of rock-n-roll’s most famous marital settlement agreements will soon be a very expensive keepsake for any fan with a burning love of Elvis.

The document marks that period when Elvis checked into the Heartbreak Hotel, signifying the end of the Elvis and Priscilla Presley marriage, and is dated Aug. 15, 1972.

Fans may be all shook up, because each of the 12 pages contains fascinating details and offers the reader a snapshot into the details, and struggles involved between both parties that only legal documents can give.

Priscilla may have told the King don’t be cruel to her, because the agreement states that the former couple agreed to divide up their property via to avoid “emotional stress.”

Florida Marital Settlement Agreements

Many people don’t realize it, but most family law cases are resolved by agreement, not by trial. A Marital Settlement Agreement is the method to resolving all of the issues, and is the final product of the negotiations.

A marital settlement agreement puts in writing all the aspects of the divorcing parties’ settlement. Topics covered in the Marital Settlement Agreement include the parenting plan, the division of assets and liabilities, alimony, child support, attorney’s fees, and any other items agreed to.

A marital settlement agreement entered into by the parties, and ratified by a final judgment, is a contract, subject to the laws of contract. Because they are contracts, they are subject to being set aside.

I have written about marital settlement agreements before. You can set aside an agreement in Florida by establishing that it was reached under fraud, deceit, duress, coercion, misrepresentation, or overreaching.

There is another ground to vacate a marital settlement agreement in Florida, and it has a few elements. First, you have to show that the agreement makes unfair or unreasonable provision, given the circumstances of the parties.

Once you have shown the agreement is unreasonable, a presumption arises that there was either concealment by the defending spouse or a presumed lack of knowledge of the finances at the time the agreement was reached.

The burden then shifts to the spouse defending the agreement, who may rebut these presumptions.

Can’t Help Falling in Love

“The parties were married on May 1, 1967 in Las Vegas, Nevada,” the agreement states:

Unfortunate circumstances and unhappy differences have arisen between the parties by reason of which they have lived separate and apart since February 23, 1972, and by reason of which they intend to dissolve their marriage.

For suspicious minds wondering what’s in the settlement signed by both Elvis and Priscilla: the music legend signed over his famous 1971 Mercedes Benz, his 1969 Cadillac Eldorado, a 1971 Harley Davidson motorcycle and $100,00.

Priscilla was definitely not moving into the Ghetto. She also received half the income from their three homes located in Beverly Hills, Los Angeles and Palm Springs, California.

A pre-sale estimate of the settlement is between $26,318 to $32,898. The last time the settlement documents came up for sale in 2011 they sold for just under $8,000.

The former couple married on May 1, 1967. Elvis was 32, while Priscilla was 21. The had daughter Lisa Marie less than a year later in February 1, 1968.

The People magazine article is here.

 

Prenups are Nothing New

Posted by Ron Kauffman on

A 2,480-year-old Egyptian scroll was recently found. But the scroll is not some royal decree from the ruling Pharaoh, or an ancient poem written on the shores of the Nile. Egyptologists report that the scroll is a prenuptial agreement.

Ancient Prenups

Written in demotic script — demotic being derived from the hieratic writing system, a kind of shorthand for hieroglyphs — the prenup was made to ensure that if the union between the signers didn’t work out, the wife would be adequately provided for.

Her compensation would include “1.2 pieces of silver and 36 bags of grain every year for the rest of her life.”

Most people have no idea that women in ancient Egypt had the same legal rights as men. Egyptian women, no matter their marital status, could enter into contracts, sue and be sued, and serve on juries and as witnesses.

In ancient Egypt, women used to be able to acquire and own property, and fairly often, they did: a fragment of papyrus from 1147 B.C., denoting thousands of land holdings names women as the owners of about 10 percent of the properties listed.

Back then, married women could file for divorce, and they were even ensured alimony — provided they had a document like a prenup, which they could write up any time before or during the relationship — at which point it would be more accurately described as a postnup.

Florida Prenups

Prenuptial agreements aren’t just for ancient pyramid dwellers, they are important for any couple planning to marry. I have written extensively on prenuptial agreements.

A prenup can help keep your non-marital property yours. The property you brought into the marriage is yours – mostly.

But over time it is common for people to start mixing things up. Inheritance funds get deposited into joint accounts; properties get transferred into joint names…and all for good reason.

Unfortunately, tracing commingled property is expensive, and hard to prove. But, if you put it in writing at the beginning, you might be able to avoid this task, and save some money down the road.

Prenuptial agreements also help you to change the law. For example, right now in Florida, there has been an ongoing debate about alimony. When you go to court, a judge has to follow state law regarding alimony.

However, through prenuptial agreements you can modify Florida’s legal standards for awarding alimony, in addition to modifying what the current law says about the amount of support and the duration of the alimony period.

Nile Negotiations

This ancient Egyptian prenup was signed in 365 BCE. Such contracts were extremely advantageous to the wife. The prenups were purely economic, promising not eternal faithfulness or mutual responsibility – but cold, hard cash.

The ancient Egyptian prenup ensured the wife could survive with or without her husband, although she had to pay for the privilege, giving him 30 pieces of silver upfront in exchange.

The prenup process was simple in ancient Egypt. The marrying couple would get together, and bring along a scribe and some witnesses. The person proposing the agreement would speak it aloud, and the scribe would write the terms down, translating them into legal language along the way.

Then the second person would either accept or refuse to sign the prenup. If he or she accepted, the contract was considered binding. If one of the signatories broke the terms, he or she would appear before a court.

The Atlas Obscura article is available here.

 

Is “Prenup” a Four-Letter Word?

Posted by Ron Kauffman on

Interesting view on prenuptial agreements: He traded his passion for stability, whereas I followed my passion at the expense of stability. Should I be entitled to his money?

The New York Times is running an article which deals heavily with the personal feelings involved in discussing, negotiating and signing a prenuptial agreement. The article has some great moments.

On the corner of my lawyer’s desk was a red button marked “No.” It was the type you might find in a display of gag gifts, next to the Whoopee cushions and boxing nun action figures.

I wanted to get married then, but Matt held back. Marriage scared him more than having a child together, and a big part of his fear was financial. He said he wanted us to sign a prenup.

I cringed but ultimately agreed, believing it was the only way forward.

He said he would pay all of the lawyers’ fees and make it as easy as possible. It sounded simple. The reality, however — especially having to confess every detail of my sketchy financial history to this lawyer — was nothing short of awful.

Florida Prenups

They may sound “awful” to some, but the reality is different. Prenuptial agreements are a subject I’ve written about before. Prenuptial agreements can be extremely important if you are thinking of marrying again, and they are not just for the ultra-rich.

You can limit what’s in a prenup. Some prenups can simply state what assets each party has brought into the marriage, and what assets each party will take away if the marriage ends.

Or, if there is a disparity in incomes, as in the New York Times article, you can add to the prenup how much the lower-income spouse will receive. Also, if you have children from previous marriages, you can also provide some protection for an inheritance.

Here are a few reasons why:

Keeps Your Non-Marital Property Non-Marital.

The property you brought into the marriage is yours. But over time it is common for people to start mixing things up.

Inheritance funds get deposited into joint accounts, properties get transferred into joint names…and all for good reason. Unfortunately, tracing commingled property is expensive, and hard to prove. But, if you put it in writing at the beginning, which is the main idea for a prenup, you can avoid this task and save some money down the road.

You Can Change the Law.

Right now in Florida, there has been an ongoing debate about alimony. When you go to court, a judge has to follow state law regarding alimony.

However, through a prenuptial agreement you can modify Florida’s legal standards for awarding alimony, in addition to modifying what the current law says about the amount of support and the duration of the alimony period.

Avoid Expensive Divorces.

Let’s face it, divorce can be expensive, and the cases don’t end quickly. A prenuptial agreement can simplify things by resolving issues ahead of time, way before the divorce is even filed.

Once you have entered a prenup spelling out what happens in the event of a divorce, the case becomes a lot more cheaper, simpler and faster to resolve.

Protects Your Children’s Inheritance.

A prenuptial agreement, or “prenup” for short, protect property from falling into the hands of the new spouse, often seen by children from earlier marriages as a “gold digger.”

An agreement helps assure your children that any inheritance is protected, and they don’t need to resent the new spouse.

It is important to be aware of all of the consequences of marriage, and do what planning you can to avoid complications and costs in advance by entering into a prenup.

Negotiating the Prenup

Back at the Times article on the prenup: “on paper, I had approximately $3,500 in savings, no retirement account and a four-year-old Toyota Yaris with a Blue Book value of $8,000, on which I still owed $4,000.”

Humbled cannot begin to describe how I felt. More like demoralized, demolished and desperate.

My lawyer asked if I had read the document carefully and understood the terms. I numbly nodded, but I was lying. I hadn’t read it. I didn’t understand the terms.

Money, Matt often said, was what people fought about most and what broke up relationships and marriages. True to form, we had been fighting about money since we started dating, our arguments complicated by the vastly different ways we had chosen to live our lives.

The lawyer looked up, winked and pushed the “No” button, filling his office with mechanized cries: “No way!” “I don’t think so!” “Nope!”

Finally, for several thousand more dollars in fees, my lawyer negotiated with Matt’s lawyer to change language in the prenup that Matt had never asked to be included so that when we sold the house we didn’t yet own, I would get my fair share.

Two years later, I don’t even know where we put our prenuptial agreement, and I hope I never need to know.

The New York Times article is here.

 

Voiding a Marital Settlement Agreement

Posted by Ron Kauffman on

Empire star, Terrence Howard, claimed he was forced into signing his marital settlement agreement, and got a trial judge to throw it out. His wife, Michelle Ghent, appealed and the appeals court reversed! When can you get out of a marital settlement agreement?

Divorce Empire

The ruling by the California appeals court, which reinstated the marital settlement agreement, could allow Michelle Ghent to claim some of Howard’s lucrative earnings from the hit Fox television series “Empire.”

The marital settlement agreement called for Howard to pay Ghent monthly support of $5,800, and as much as $4 million a year, depending on his earnings, including potential income from his role in the Fox series “Empire”.

Terrence claimed that Michelle blackmailed him, and threatened to publicly release private recordings of a sensitive, intimate and sexual nature that would be embarrassing and could damage his career.

As a result, Terrence claims he agreed, under duress, to a marital settlement agreement that obligated him to pay spousal support far in excess of what he would otherwise have been required to pay based on the parties’ year–long marriage.

The trial court found that Terrence presented credible evidence that Terrence felt frightened and forced into signing the marital settlement agreement, which he would not have signed but for Michelle’s threatening and coercive behavior.

Michelle appealed.

Florida Marital Settlement Agreements

I’ve written about marital settlement agreements before. You can set aside an agreement in Florida in a similar way as in the Howard case, by establishing that it was reached under fraud, deceit, duress, coercion, misrepresentation, or overreaching.

There is another ground to vacate a marital settlement agreement in Florida, and it has a few elements. First, you have to show that the agreement makes unfair or unreasonable provision, given the circumstances of the parties.

Once you have shown the agreement is unreasonable, a presumption arises that there was either concealment by the defending spouse or a presumed lack of knowledge of the finances at the time the agreement was reached.

The burden then shifts to the spouse defending the agreement, who may rebut these presumptions.

The Empire Strikes Back

The appellate court in California deferred to the trial judge’s factual findings, but nevertheless conclude that the facts did not prove duress as a matter of law. The three-justice panel of the 2nd District Court of Appeal in Los Angeles ruled unanimously to reinstate the judgment.

The court found three reasons for reversing the trial judge. First, and importantly, Terrence failed to show that Michelle’s threats and coercion utterly destroyed his free will.

Second, Terrence and Michelle had a tumultuous relationship, which included such significant physical abuse by Terrence that Michelle had to obtain multiple protective orders against him.

Third, too much time elapsed between the threat and the contract’s signing. The threats made by Michelle were in September 2011, but he executed the final settlement agreement in September 2012, an agreement virtually identical to one he had signed four months before.

The California 2nd DCA opinion is available here.

 

A Playboy Prenup

Posted by Ron Kauffman on

An “ironclad” prenuptial agreement could block Hugh Hefner’s wife, Crystal Harris, from inheriting anything from his estimated $43 million fortune. Are prenups only necessary for Playboys, or are they something everyone marrying should consider?

The Playboy Prenup

Playboy founder, Hugh Hefner passed away peacefully in his home, surrounded by loved ones, on Sept. 27. He was 91 years old.

The model and the late media tycoon tied the knot on New Year’s Eve in 2012, and soon after. According to Us Weekly, Harris purportedly signed a prenuptial agreement, and was not added to Hefner’s will.

At the time of the report, Hefner’s fortune was promised to “his children, the University of Southern California film school and a variety of charities,” according to a source, who added that Harris would be “taken care of.”

Florida Prenups

Many think prenuptial agreements are for Playboys like Hugh Hefner. But, you don’t always enter a marriage with the Playboy Mansion, or guarantees that the bliss will last. It might not be a bad idea to have a plan in place.

Prenuptial agreements, or “prenups,” are contracts entered into before marriage that outline the division of assets in case of divorce or death.

They resolve things like alimony, ownership of businesses, title of properties, and even each spouse’s financial responsibilities during the marriage.

There are many other concerns that can be addressed in the prenup:

  • Caring for a parent
  • Going back to school;
  • Shopping habits
  • Credit card debt;
  • Tax liabilities;
  • Alimony and child support from previous relationships; and
  • Death or disability.

I’ve written about the need for prenups before. There are times when a prenup is a “must-have”:

  • When one person enters the marriage with significantly more money or assets than the other;
  • When one or both future spouses have family money or inheritances;
  • When you want to keep parts of your finances separate: such as separate bank accounts, and a joint account for paying household bills.

One of the points of a prenup, is that if money in the bank becomes mixed, accounting for any increase or loss becomes very difficult to trace and unwind if you end up in divorce court.

Back at the Playboy Mansion

According to reports, Crystal broke off the marriage five days before their planned June 2011 wedding, and ahead of their 2012 wedding, she explained why she got cold feet before the first planned nuptials:

Last time it turned into a a big ordeal, and then it all fell apart, she said at the time. This time around is amazing … I’m very happy, and Hef’s very happy and we’re excited.

There is a good reason for the Playboy founder wanting a prenup. Harris is Hefner’s third wife. He was previously married to Mildred Williams in 1949 before divorcing 10 years later; in 1989, he married Playmate Kimberly Conrad, but the two separated in 1998 and divorced in 2010.

The article is available here.

 

Celebrity Prenups

Posted by Ron Kauffman on

Market Watch reports that Katie Holmes and Jamie Foxx were spotted holding hands in Malibu – the first time they were seen together – allegedly because Tom Cruise had a clause in their prenuptial agreement prohibiting her from publicly dating another man after their divorce for a period of time.

Strange Prenup Clauses

There’s been an increase in so-called “lifestyle clauses” in agreements in recent years. The increase, and prenups and marital agreements are subjects I have written about several times.

According to Market Watch, there are agreements which penalize everything from cursing ($100 for each “f-bomb”) to weight gain (eliminating alimony for a woman if she gained 25 pounds from her wedding weight).

For most prenuptial agreements, however, “lifestyle clauses” typically don’t include such demands. The can include requirements that children born from the marriage be raised in a certain country, or under a certain religion.

Strange clauses in agreements can also spell out what can happen during the marriage. For instance, some contract clauses regulate whether one or both parties could cheat, as well as rules dealing with physical appearances.

There is a big question as to whether these lifestyle clauses are enforceable. One bride-to-be limited her future husband to watching one Sunday football game with friends a month.

Another marriage contract limited visits from the bride’s mother-in-law. An increasing number of people who co-parent even have special clauses that limit the amount of time their partner can spend online.

Florida Prenups

Many think prenuptial agreements are for the wealthy or famous. But, you don’t always enter a marriage with riches, or guarantees that the bliss will last. It might not be a bad idea to have a plan in place.

Prenuptial agreements, or “prenups,” are contracts entered into before marriage that outline the division of assets in case of divorce or death. They typically resolve things like alimony, ownership of businesses, title of properties, in addition to the lifestyle clauses of celebrities.

There are many other, more mundane, concerns that can be addressed in the contract:

  • Caring for a parent
  • Going back to school;
  • Shopping habits
  • Credit card debt;
  • Tax liabilities;
  • Alimony and child support from previous relationships; and
  • Death or disability.

Lifestyle Clauses

Arguments are a known predictor of divorce. In order to avoid that, it is better to discuss with each other the terms of a prenuptial agreement when times are good.

Difficult talks about lifestyle choices, in-law visits, and money can uncover things that could be disastrous if put off until several years into the marriage.

Outlandish demands, such as “no public dating” clauses, are much easier to secure in a celebrity relationship than that of the average case. Strange lifestyle clauses are unusual in your basic prenup.

But the issues are different for someone like Tom Cruise, who could put a clause like that in an agreement, and has the leverage to get it.

The Market Watch article is here.