Tag: get out of prenups

Cheap Online Prenups

A segment aired on the ABC television show Shark Tank about a company selling cheap online prenups. There is no question a contract can be done cheaply online – especially when no lawyers are involved.  But lawyers  hired to create, or challenge, or defend real world prenuptial agreements can tell you if the cheap, online prenups are worth it.

Cheap Prenup

“He who represents himself, has a fool for a client”

No one likes to read the fine print on websites they visit. But, maybe you’re the kind of person who is comfortable getting a medical diagnosis from WebMD! Even if you are, you may want to avoid unpleasant surprises and look through the website’s “Terms of Use” (the agreement every user must agree to and abide by in order to use a website or service).

Websites may advertise that their online legal services and prenuptial agreements are prepared by “family lawyers.” However, if you look at the website’s Terms of Use, they may likely reveal that the prenups they are selling you – which will govern years of alimony payments, the division of all your property, tax consequences, and your life after marriage – were created without any “legal advice.” Or my personal favorite: no law was considered about your situation when drafting your prenuptial agreement.

Prenuptial agreements are important documents. So, if you don’t care that your cheap, online prenup did not take into consideration any law, let alone any changes in the law, or that any of the information is current, a cheap online prenup may fit nicely next to your online medical diagnosis.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are not just for tech billionaires, celebrity actors and rock stars. Prenups are about much more than just resolving who gets that expensive Montana ranch acquired during a marriage.

Any couple who brings any personal or business assets (or debts) into their marriage can benefit from a prenuptial agreement. They are important to have in place before a couple starts investing in businesses, buying properties, and accumulating mountains of debt.

But just having a prenup is not sufficient. That’s because prenups are frequently challenged in court. Florida has both case law and a statute to help lawyers, judges and the parties determine if a prenuptial agreement is enforceable.

Florida adopted the Uniform Premarital Agreement Act. The UPAA requires that all premarital agreements be in writing and signed by both parties. It is enforceable without consideration other than the marriage itself.

Couples wanting to sign one can enter into a premarital agreement with respect to their rights and obligations in any of their property, whenever and wherever acquired or located; their right to buy, sell, use, transfer, or otherwise manage and control their property and the disposition of their property if they separate, divorce, die, or any other event.

Because prenuptial agreements may be challenged in court, Florida courts must consider things such as fraud, duress, coercion, in addition to the unfairness of the agreement, and whether there was any financial disclosure.

Good, Cheap, or Fast? Choose Two

Prenuptial agreements are very technical and one size does not fit all. They are particularly important to protect your future income, children from another marriage, potential inheritances, businesses and your business partners, other assets, and your sources of income.

The last thing that you want to do is wonder if you are protected by a cheap, online prenup; one which may not be enforceable on its face. As mentioned above, Florida adopted the Uniform Premarital Agreement Act. The UPAA is Florida’s recognition that there is not always uniformity in how prenups are enforced, challenged and defended.

There are many nuances in the law of prenups which can differ from state to state. For instance, some provisions in a prenup which are available in one state – such as the ability to waive temporary alimony – may not be available in another state. There may also be differences between states about the sufficiency of the financial disclosures required.

There are also questions about privilege and confidentiality. In Florida, communications with your attorney are generally privileged. This means that communications between a client and their lawyer can be confidential. This can also mean that, absent some exception or waiver, neither an attorney or a client can be compelled to divulge confidential communications made during the rendition of legal services.

What do online, cheap prenup websites offer? As the websites plainly tell you, they are not your law firm. So, communications between you and the website are probably not privileged communications under the attorney-client privilege or work product doctrine.

This could result in your communications not being protected. And if your prenup gets challenged in court, you may be in the uncomfortable position of watching someone you thought was your lawyer testify against you.

One cheap, online prenup website said it best:

“Any Legal Information provided is not a substitute for legal advice from a qualified attorney licensed to practice in an appropriate jurisdiction.”

The JDSupra article is here.

 

Straight Outta Court

Dr Dre is wondering if his prenup will get him straight outta court. He announced that he and his wife Nicole Young are getting divorced after 24-years of marriage. Young filed for divorce from Dre, whose real name is Andre Romelle Young, citing irreconcilable differences. One of the interesting issues is whether Young signed a prenuptial agreement.

Compton

Straight Outta Compton

The couple, who married in May 1996, share two children together, son Truice, 23, and daughter Truly, 19. Dre also has four children from previous relationships, daughters Tyra Young and La Tanya Danielle Young, and sons Marcel and Curtis.

The music mogul, 55, and Young, 50, announced their split after 24 years of marriage in June, and Dre revealed that the couple, who wed in 1996, does have a prenuptial agreement, despite initial reports that indicated the two do not. Young is asking for spousal support and a division of property.

In 2019, Forbes estimated that Dre’s net worth was $800m, making him the second-wealthiest hip hop artist in the world that year. The rapper’s fortune is in part due to the success of his headphone line, Beats by Dre, which was acquired by Apple in 2014 for $3bn.

According to TMZ, Dre, who listed the date of their separation as March 27, 2020, and cited irreconcilable differences as the reason for their split, agreed to pay spousal support but says any distribution of property should be controlled by their prenuptial agreement. Young’s petition did not mention a prenup and the outlet reported that she has claimed she never signed one.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are about more than just protecting yourself after your marriage. A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry.

A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important for those who boldly go into fourth marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment. Many couples divorcing would prefer not to spend too much time litigating in family court.

That’s where prenups come in. Prospective spouses may limit or expand state laws by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce.

There are many problems with prenuptial agreements too. If a prenuptial agreement includes any provisions that violate the law or public policy, it may automatically be deemed invalid.

Additionally, a prenuptial agreement cannot waive child support, and can’t set an amount for child support. Courts have plenary power over support issues, so child support amounts are determined by courts based on our child support guidelines.

Also, a premarital agreement may not be enforceable in a family court case, for instance, if it was not signed voluntarily; or if it was the product of fraud, duress, coercion, or overreaching.

Deez Prenups

The 55-year-old, who started his career as a member of the rap group NWA, also founded the record label Aftermath Entertainment, which previously signed Eminem and 50 Cent.

In 2015, Dre apologized to “the women I’ve hurt” following allegations of physical abuse against women, telling The New York Times:

Twenty-five years ago I was a young man drinking too much and in over my head with no real structure in my life. However, none of this is an excuse for what I did. I’ve been married for 19 years and every day I’m working to be a better man for my family, seeking guidance along the way. I’m doing everything I can so I never resemble that man again.

This divorce, given the stakes and the profiles of the parties, is expected to be completed relatively quickly and privately. Generally, anything he acquired before marriage would be his separate property, with or without a prenuptial agreement. Dre sold Beats during the marriage so there may not be a separate, or non-marital, component to it – meaning there is a very large sum of money that is at stake as marital property.

Young is going to get half of what he’s worth very likely, but while Dr. Dre has claimed he is willing to pay spousal support, Young probably won’t need spousal support after the marital estate is divided. She asked for temporary support and she may be able to get hundreds of thousands of dollars a month before the case is resolved. The couple was last seen together in public in February at the Tom Ford fashion show.

The Independent article is here.

 

Israeli Prenuptial Agreements are Kosher

Whether Israeli prenuptial agreements are kosher is a big question in the holy land as Israel’s version of Real Housewives, Nicol Raidman, has filed for divorce from her former oligarch and billionaire industrialist husband Michael Cherney.

Israeli Prenuptial Agreement

Land of Milk and Honey

Nicol Raidman is a businesswoman, socialite and former reality TV celebrity in Israel, who recently announced she is divorcing her billionaire husband in what is shaping up to be the most expensive divorce lawsuit in Israeli history, Channel 12 news reported Monday.

After 11 years of marriage, Raidman and industrialist Michael Cherney are dissolving their union. But Raidman is alleging that Cherney has failed to honor his prenup with her, which promised her $25 million (NIS 86 million) in any settlement.

She is now planning to take Cherney to court and demanding hundreds of millions of shekels under their prenuptial agreement.

Prenuptial agreements are generally enforceable in Israel, if authorized before a notary, a marriage registrar, or by the family court or the religious court. In fact, former Justice Minister, Ayelet Shaked, called on couples getting married to sign prenuptial agreements to ensure that husbands will not withhold a get, or Jewish writ of divorce, from their wives.

In Israel, where all divorces are subject to religious law, the norm has left thousands of women in legal limbo due to husbands who refuse to grant divorces. The phenomenon has received a lot of attention in recent years as rabbis try to battle husbands who are “get-refusers.”

Some Jewish groups mandate its members require couples to sign a prenuptial agreement to avoid such scenarios. The agreement, commonly referred to as a “halachic prenup,” generally penalizes the husband financially for refusing to give the get.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are not just for celebrity sports figures, and they are about much more than just resolving uncertainty in a marriage.

Any couple who brings any personal or business assets to the union can benefit from one. They are also important to have in place before a couple starts investing in businesses, properties and other investments. But prenups are frequently challenged in court.

Florida has both case law and a statute to help lawyers, judges and the parties determine if a prenuptial agreement is enforceable.

For example, Florida courts must consider things such as fraud, duress, coercion, in addition to the unfairness of the agreement, and whether there was any financial disclosure.

Real Housewives of the Holy Land

Cherney’s lawyer told the network that any and all claims would be made to the court rather than the media. Raidman is known to be a close friend of Prime Minister Benjamin Netanyahu’s wife Sara.

In 2011-2013 Raidman took part in the Channel 10 reality television show “Me’usharot” based on the US show “The Real Housewives.” She has launched her own luxury clothing and perfume brands.

Cherney, an oligarch who made his fortune in the former Soviet Union, is a close confidant of Yisrael Beyteinu party leader Avigdor Liberman. The couple have two children.

The Times of Israel article is here.

 

Prenuptial Agreements Take Center Field

Prenuptial agreements take center field, former Cardinal center fielder, Jim Edmonds, is finding out. That’s because his estranged wife, Meghan King, is trying to strike out their prenuptial agreement after the divorce was filed. Can prenuptial agreements be challenged?

Prenuptial Agreement Center Field

Play Ball!

Baseball is back in the news this summer, and retired slugger Jim Edmonds, is not having a great season. The four-time All-Star, who played 17 seasons most of which with the St. Louis Cardinals and California/Anaheim Angels, was hospitalized for pneumonia earlier in the year, and now admits he tested positive for the coronavirus.

But striking out a prenuptial agreement is the play of the day. Prenuptial agreements set out what property stays yours, what property does not, and ensure that your assets stay in your family line for the benefit of your children from another relationship and other reasons. Prenups can even be used to limit your exposure to paying alimony.

But can Meghan get out of her prenuptial agreement? Jimmy Baseball’s divorce is at a standstill until a judge decides if his prenuptial agreement is valid.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are not just for celebrity sports figures, and they are about much more than just resolving uncertainty in a marriage.

Any couple who brings any personal or business assets to the union can benefit from one. They are also important to have in place before a couple starts investing in businesses, properties and other investments. But prenups are frequently challenged in court.

Florida has both case law and a statute to help lawyers, judges and the parties determine if a prenuptial agreement is enforceable.

For example, Florida courts must consider things such as fraud, duress, coercion, in addition to the unfairness of the agreement, and whether there was any financial disclosure.

Batter Up!

According to reports, Meghan herself has publicly explained the agreement was done at her urging because she didn’t want Jim’s family to think she was trying to take his money.

The mom-of-three openly discussed the matter throughout her time starring on the Bravo reality TV series and explained why she was so adamant about moving forward with a prenup.

“Way before we ever got engaged, I suggested him getting a prenup to protect his feelings about our marriage, about where my heart is coming from. And honestly, a big part of the reason, totally aside from the whole marriage thing, why I wanted it is to protect the children because I never wanted the children’s mothers or the children to think that me as their step mom or as this new person in their life was going to take things from them.

Jim, 49, has four kids of his own from previous relationships. He and Meghan welcomed three kids, daughter Aspen and twin boys Hart and Hayes, during their marriage. They split custody 50-50.

Additionally, reports say Jim is paying Meghan “more than three times” the amount of child support that’s been suggested by the court and continues to foot the bill for many of her living expenses. He is letting her live in one of his homes in St. Louis and is paying the mortgage and all the bills for that house. He gives her money for her full-time nanny and housekeeper.

He pays for practically every single expense related to the children. And, if that wasn’t enough, he pays half the rent on her Los Angeles beach house. Jim has been beyond generous to Meghan and provides full financial support for his children,” the rep asserts.

Meghan has told E! News:

“I’m looking forward to putting this behind me amicably and I don’t wish to discuss the private details of my divorce at this time.”

In an Instagram comment shared by Meghan and captured by tabloids last month, she shot down one follower’s claim that she’s received “serious child support” from her estranged husband.

“Girl I have a career thank you very much!” she wrote back. “That child support is not buying me gold and baubles. It barely pays for groceries for my tribe!”

The E!-online article is here.

 

Prenups Can Speed A Divorce

Exhibiting “warp speed”, actor William Shatner’s divorce from his fourth wife, Elizabeth Martin, has been finalized. The “Star Trek” actor filed for divorce last month, and apparently finalized it a month later. His prenuptial agreement likely helped speed his divorce to an early settlement.

Prenups Speed Divorce

Warp Speed

According to many reports, Shatner’s net worth is over $100 Million dollars from over two decades in acting. Distributing the actor’s fortune could have been a tremendous source of litigaton had there not been a prenuptial agreement.

However, court documents show the former couple had a prenuptial agreement in place, which allows the 88-year-old to keep his “Star Trek” royalties, the news outlet said. The actor was married to Martin for 18 years.

When reached by Fox News last month, Martin shared her brother had died around the time Shatner filed for the divorce and that she was with her family “during this time of grief.” “Respect distance from divorce topic while we grieve my brother respectfully,” she added. Representatives for Shatner did not immediately respond to Fox News’ request for comment.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are about more than just exploring the strange new world of marriage. A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry. A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important for those who boldly go into fourth marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment. Many couples divorcing would prefer not to to explore the strange new worlds of family court.

That’s where prenups come in. Prospective spouses may limit or expand state laws by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce.

As shown in Shatner’s case, prenups can also be the fastest way to resolve a future divorce . . . if they’re done right.

There are a galaxy of problems with prenuptial agreements too. If a prenuptial agreement includes any provisions that violate the law or public policy, it may automatically be deemed invalid.

Additionally, a prenuptial agreement cannot waive child support, and can’t set an amount for child support. Courts have plenary power over support issues, so child support amounts are determined by courts based on our child support guidelines.

Also, a premarital agreement may not be enforceable in a family court case, for instance, if it was not signed voluntarily; or if it was the product of fraud, duress, coercion, or overreaching.

Flying Through the Divorce Nebula

In the Shatner divorce, he listed the couple’s separation date as February 1, 2019. He was previously married to Nerine Kidd, Marcy Lafferty and Gloria Rand. He shares two daughters, Lisabeth Shatner, 58, and Leslie Carol, 61, with Rand.

The actor shot to fame in the 1960s for his role as Captain James T. Kirk in the original series run of “Star Trek” and went on to have a lucrative film and TV career afterwards.

Shatner’s third marriage, to Kidd, ended in tragedy in 1999 when she died of accidental drowning in their swimming pool. Although the actor had filed for divorce after two years of marriage shortly before the incident, he explained in his 2018 book “Live Long and…What I Learned Along the Way” that he was nonetheless grief-stricken by the loss.

The Rise of Starfleet

Last week, President Trump unveiled the new logo for the United States Space Force, America’s newest branch of the military. Many are saying the logo looks suspiciously like the logo for the fictional Starfleet Command in the Star Trek entertainment universe.

Fellow Star Trek actor, George Takei, who played the character “Sulu” on the original series with Shatner, mocked the new logo for Space Force. After it was unveiled, Takei quickly tweeted:

‘Ahem. We are expecting some royalties from this..’

In his Washington Post opinion piece, Takei drew parallels between the Trump administration and a Star Trek episode called ‘Mirror, Mirror,’ where the USS Enterprise bridge crew find themselves in a parallel universe where ‘cruelty’ has replaced ‘diplomacy.’

The Fox News article is here.

 

A Phaser-Proof Prenuptial Agreement?

William Shatner, who is best known for starring as Enterprise captain James T. Kirk on the original Star Trek, has reached the final frontier of his marriage: he has filed for divorce from his wife of 18 years. News reports suggest the Captain and his First Mate previously entered into a prenuptial agreement. But will it be phaser-proof?

Phaserproof Prenup

Beam Me Up Scotty

Transmission of the news was received this week about the divorce filing, but some sources believe the divorce process had already been in the works for a while. Importantly TMZ noted that there was a prenup in place, the couple never had children together, and neither party is asking for spousal support. Observers are predicting a smooth divorce will be transported down to court fairly soon.

I was attracted by her beauty first of all, which was an old syndrome for me … and I think I lucked out because she had so many other qualities as well. Elizabeth has a great sense of humor and a great sense of adventure and she’s very nurturing. That combination of beauty, style, intelligence, humor and loving horses and dogs and children and loving her home and making a home for us, is quite a combination.

This marriage is not the Captain’s first voyage. Shatner’s wife, Elizabeth, 61, is his fourth, er sequel, in movie parlance.

Florida Prenups

I’ve written about prenuptial agreements before. Prenuptial agreements are about more than just exploring the strange new world of marriage. A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry. A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important for those who boldly go into fourth marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment. Many couples divorcing would prefer not to to explore the strange new worlds of family court.

That’s where prenups come in. Prospective spouses may limit or expand state laws by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce.

Prenups can be the best captain at the helm . . . if they’re done right.

There are a galaxy of problems with prenuptial agreements too. If a prenuptial agreement includes any provisions that violate the law or public policy, it may automatically be deemed invalid.

Additionally, a prenuptial agreement cannot waive child support, and can’t set an amount for child support. Courts have plenary power over support issues, so child support amounts are determined by courts based on our child support guidelines.

Also, a premarital agreement may not be enforceable in a family court case, for instance, if it was not signed voluntarily; or if it was the product of fraud, duress, coercion, or overreaching.

Warp Speed Ahead

The Shatners are still negotiating the financial terms, a source told the site TMZ.

‘Per the terms of the prenup, neither party will receive any support from the other.

The Captain has had a colorful love life previously that resulted in four marriages and three daughters. Shatner and Elizabeth Shatner married in February 2001. He was previously married to Gloria Rand, Marcy Lafferty and Nerine Kidd, and has three daughters, Melanie, Leslie and Lisabeth, with Rand. Elizabeth Shatner was previously wed to Michael Glenn Martin.

Sources said Shatner and Elizabeth are expected to soon submit their divorce documents for a final signature from a judge.

The TMZ article is here.

 

Prenups and Threats to Call Off the Wedding

With the wedding season upon us, people are increasingly demanding prenuptial agreements. But many are also asking what is required to get out of the prenup they just signed. For instance, how valid would a Venezuelan prenup be if there were threats to call off the wedding unless it was signed? A Florida court just answered that question.

Prenup Threats

Venezuelan Prenups

In the recent case, the couple planned to marry in Venezuela. But six days before their wedding, the husband presented the wife a draft of a prenuptial agreement in Venezuela. At the time, the wife was four months pregnant with their second child.

The only financial disclosures contained within the document were perfunctory references to the husband’s ownership of certain nominal non-convertible bearer shares with corresponding assigned nominal values.

Interestingly, the agreement did not provide for equitable distribution or alimony. The husband allowed the wife to peruse the document and then assured her that he would furnish full financial disclosures prior to the wedding.

But the day before the wedding, having not yet provided any financial documentation, the husband threatened to cancel the ceremony if the wife did not sign it.

The wife reluctantly signed the prenup and they got married. However, their marriage did not endure. Less than six years later, the husband filed dissolution proceedings in Miami.

The wife tried to invalidate the prenuptial agreement, contending it was the product of “duress, coercion, or overreaching,” and was unconscionable, as it had been executed in the absence of full and fair financial disclosure.

Following an evidentiary hearing, convened to determine the circumstances surrounding the execution of the agreement, the court entered an order. The following week, the parties were due to appear at the United States Embassy in Venezuela with their marriage certificate, in order to establish expatriation eligibility.

Several years later, the husband retained another attorney and sought to have the wife execute a postnuptial agreement, showing he believed the prenuptial agreement was unenforceable under Venezuelan law.

Even though the prenup was entered into by the parties in Venezuela, and Venezuelan law should govern its validity, both parties urged the application of Florida law.

The Florida trial court found the prenuptial agreement had been executed under duress and in the absence of both full financial disclosure and waiver of said disclosure. The husband appealed.

Florida Avoiding Prenups

I have written about prenuptial agreements in Florida before, especially avoiding them. Because of Florida’s policy of enforcing agreements, prenups and postnups can be difficult to void – but not impossible. Florida has both case law and a statute to help lawyers, judges and the parties determine if a prenuptial agreement, for example, is enforceable.

In Florida, to test the validity of a prenuptial agreement, courts must consider things such as fraud, duress, coercion, in addition to the unfairness of the agreement, and whether there was any financial disclosure.

Under Florida’s Uniform Premarital Agreement Act, a prenup may not be enforceable if a party can prove, in part, that it was not signed voluntarily; or was the product of fraud, duress, coercion, or overreaching; or it was unconscionable.

Some of these defenses may also require a party to show they were not given a fair and reasonable disclosure of property, and did not voluntarily and expressly waive that right, and did not have adequate knowledge of the property or financial obligations of the other party.

“No Agreement, No Wedding!”

In Florida, a premarital agreement is not enforceable if the party against whom enforcement is sought proves that the agreement was the product of fraud, duress, coercion, or overreaching.

But what is “duress”? Often, duress is defined as a condition of mind produced by an improper external pressure or influence that practically destroys your free agency and causes you to make a contract not of your own volition.

Proving duress is difficult, and requires showing the prenup was not free choice or will and this condition of mind was caused by some improper and coercive conduct of the opposite side.

In the Venezuelan case, the testimony established that the husband initially presented his pregnant wife with the disputed prenup six days before the wedding. At that time, the wife asked for evidence regarding his net worth. The husband assured the wife such evidence would be forthcoming.

But instead of honoring his pledge, the day before the wedding, the husband demanded she sign the prenup, with the added ultimatum of “no agreement, no wedding.”

However, it is not unusual for people to give an ultimatum that they will not marry their spouse without a prenuptial agreement. Ordinarily, the “no agreement no marriage” ultimatum does not constitute duress because there is nothing improper about taking such a position.

In the recent case though, the Husband also threatened life-altering consequences, by imperiling their shared, long-term plan to begin life anew with their children in the United States. The court found that these circumstances, which were unrebutted by the husband, were sufficient to support a finding of duress.

The opinion is available here.

 

Millennials: The New Prenup Crowd

As the New York Times reports, these days, millennials are being credited with the recent spike in prenuptial agreements and postnuptial agreements. With the wedding season in full swing, the rise of a new prenup crowd could mean the downfall of the stigma typically associated with them.

New Prenup Crowd

AAML Statistics

According to a study by the American Academy of Matrimonial Lawyers, 62% of attorneys surveyed saw an uptick in requests for prenuptial agreements, with 51% citing an increase in millennials asking for the protection.

One likely reason: The Generation Y crowd is marrying later than previous generations, with years to build up assets and debt on their own. The term Millennials refers to the generation of people born between the early 1980s and 1990s. The Millennial Generation is also known as Generation Y, because it comes after Generation X — those people between the early 1960s and the 1980s.

That new approach of Millennials accounts for the changing role of women in the work force, too. In 1980, just 13 percent of women who lived with a male partner earned at least half the couple’s income — today, that number has nearly tripled.

So, while prenups traditionally protected the party with money — which often was the man, and which often led to resentment — millennials usually tackle the agreements as a team.

Florida Prenups

I’ve written about prenuptial agreements before. A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry. A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important in second marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment.

That’s where prenups come in. Prospective spouses may limit or expand state laws by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce. Prenups can be a reliable guide down rough rivers if they’re done right.

Millennial Prenups

Another factor in the rise of the new prenup crowd could be practicality, as more than one-third of millennials grew up with single or divorced parents. Though it’s easy to think of a prenuptial agreement as a “divorce contract,” many legal and financial experts view it as a smart business move.

“It’s such a good idea to go into the marriage understanding that — while it’s first

Several reasons you may want a prenup include:

  • Own property or a business
  • Have children from a previous relationship, or have been married before
  • Plan to take time off to raise children
  • Hold significant debt
  • Have robust retirement accounts
  • Will receive stock options during your marriage
  • Feel that a prenup might be a good fit for you? Here’s how to get started.
  • Talk to your partner, sooner rather than later. By starting early, you’ll allow time for multiple discussions — and prevent your fiancé from feeling forced or rushed into something he or she doesn’t understand or agree with.

When you hire a lawyer to complete your prenup, he or she will request all your financials — bank and investment accounts, tax returns, insurance policies, debts — so it’s wise to start compiling that information now.

And, though it might seem like a headache, getting a clear picture of your finances is always a good idea — especially before you merge your life with someone else’s. One thing you must omit: issues of custody or support for future children, as those decisions are made in the best interest of the child at the time.

Ready to make it official? You and your betrothed will each need to hire a lawyer. Depending on the level of complexity and negotiation, legal representation for a prenuptial agreement can cost $2,500 and up.

As long as you work with your fiancé in a team, a prenup can bring you closer together — rather than further apart.

The New York Times article is here.

 

Can a Prenup Protect De Niro’s Dinero

Robert De Niro’s estranged wife, Grace Hightower, is demanding half of the actor’s half-billion dollar fortune, despite signing a prenuptial agreement in 2004. Feeling the ‘Heat’, De Niro is wondering whether his prenup is valid and will survive court scrutiny.

Void Prenup

Analyze This

According to the New York Daily News, details about the Hollywood star’s finances emerged during a hearing in Manhattan Supreme Court that revealed the two are battling over how to interpret a 2004 pre-nuptial agreement signed after a previous divorce.

De Niro attorney Krauss-Browne said that under the terms of the pre-nup Hightower was entitled to a $6 million apartment, $500,000 cash, $1 million each year and half the value of their marital residence.

“Nope, I’m entitled to 50%.”

Hightower, 64, is arguing she is entitled to much more — and that De Niro, 75, has kept her in the dark about their money since 2008. She believes she is entitled to a cut of 38 movies and 35 new business ventures since 2004 that involved the Oscar-winning actor.

Florida Prenuptial Agreements

I’ve written about prenuptial agreements before. Prenuptial agreements are about more than just resolving the ‘Casino’ like uncertainty in a marriage.

A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry. A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important in second marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment.

That’s where prenups come in. Prospective spouses may limit or expand state laws by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce. Prenups can be a reliable guide down rough rivers if they’re done right.

Great Expectations

Hightower attorney Allan Mantel put the couple’s revenue since their prenup at $300 million — $250 million of which came from movies. He estimated that De Niro’s net worth was $500 million.

In addition to De Niro’s work in Hollywood, much of their earnings came from his ownership of the Nobu chain of restaurants and Greenwich Hotel.

Hightower’s frustration that she was not considered an equal led to their previous divorce in 1999, Mantel said.

“That’s what caused the first divorce — we want a partnership. She enhances his goodwill. She enhances his career. I agree you’re going to be my 50% partner’ — it’s in the agreement.”

Hightower says that part of the deal is void due to De Niro’s alleged shady accounting practices. The judge then joked:

His income will fall now that Special Counsel Robert Mueller is out of the picture — less ‘Saturday Night Live,’” the judge remarked, referencing De Niro’s appearances on the sketch show.”

De Niro sat stone-faced.

The judge made a more serious observation as the hearing concluded.

After the hearing, De Niro, as is his custom, held a newspaper over, his face and became aggravated while struggling to find his driver waiting for him outside the courthouse.

Meet the Parents

De Niro filed for divorce from Hightower in December. They are also battling over custody of their 7-year-old daughter, who they had through a surrogate. They also have a 21-year-old son.

The New York Daily News article is here.

*Photo courtesy Georges Baird

 

This is your Religious Prenup

A Detroit-area man must pay his former wife $50,000 under the terms of their Islamic prenup. Not only are prenuptial agreements on the rise among all engaged couples, they are also becoming very popular for religious couples. But is a religious prenup enforceable in the U.S.?

muslim prenup

Mehr Agreements

A Michigan man argued that a family court judge exceeded her authority by trying to resolve a religious issue in a divorce. In 2012, the husband approached Mohammed Ali and asked permission to marry Mr. Ali’s daughter.

They negotiated the terms of the arranged marriage. Mr. Ali proposed that defendant could marry his daughter if defendant paid her $51,000, a payment the parties referred to as Mehr, a traditional component of Islamic marriages.

He agreed to the payment proposed by Mr. Ali. The Wife considered the offer of marriage, on the financial terms negotiated by her father, for approximately one year and ultimately decided to accept the marriage proposal and the parties married in 2013.

Florida Prenups

I’ve written about prenuptial agreements and even about a religious prenup. Prenuptial agreements are about more than just resolving uncertainty in a marriage.

Any couple who brings any personal or business assets to the union can benefit from one. They are also important to have in place before a couple starts investing in businesses, properties and other investments.

A prenuptial agreement (or “prenup” for short) is a contract between people intending to marry. A prenup determines spousal rights when the marriage ends by death or divorce. This can be especially important in second marriages.

If you divorce without a prenup, your property rights are determined under state law, and a spouse may have a claim to alimony while the suit for divorce is pending and after entry of a judgment.

Without a prenup, if your spouse dies, you will have statutory rights under state law to a share of your deceased spouse’s estate and may also have a right to lump sum death benefits, or a survivor annuity under a retirement plan.

That’s where prenups come in. Prospective spouses may limit or expand these rights by an agreement. Prenups are also used to protect the interests of children from a prior marriage, and to avoid a contested divorce. Prenups can be very worthwhile provided they’re done right.”

The most basic of prenups should list an inventory of premarital assets that would stay with the original owner in case of a divorce. Florida has both case law and a statute to help lawyers, judges and the parties determine if a prenuptial agreement is enforceable.

Religious Prenup

Back in the Michigan case, it was uncontested that the Husband and Wife had only a verbal agreement for payment of $51,000, in consideration of marriage, until the day of their marriage ceremony.

During that ceremony, the parties signed a document that placed the contract to marry in writing. The one-page document signed by the parties was titled “Marriage Certificate” which is the basis for the religious prenup dispute.

The document stated that the Groom solemnly proposes to marry the bride and take her as my wife and agree to pay Mehr of $51,000 Later. Furthermore, the document stated that the Bride solemnly accepted the proposal.

During the course of the marriage, the Husband made several payments, totaling $3,900, toward the $51,000 mehr. In 2016, the Wife filed an action for separate maintenance and the Husband filed a counterclaim for divorce.

During the divorce trial, plaintiff asked the trial court to enforce the contract to marry and award her $47,100, the unpaid amount of the mehr.

The trial court concluded that the parties executed a valid, simple contract and entered a judgment in plaintiff’s favor in the amount of $47,100. In addition, the trial court granted the parties a judgment of divorce, denied the request for spousal support, and divided the parties’ marital assets.

Does Shariah Law Apply?

The Husband actually argued that the contract states on its face that it was made under Shariah law and that it was not made under any state law. But did the Mehr merely provide for a religious obligation or was it an enforceable contractual obligation under Michigan law?

The trial court clearly stated that it was not applying Shariah law, but was applying Michigan law to the parties’ contract:

“We are not interpreting or applying the contract between the parties under Shariah law, but are applying Michigan law to the review of the parties’ contract and the judgment of divorce entered by the trial court.”

In this case, neither the trial court nor this Court is required to resolve ecclesiastical questions. The trial court did not claim any power to grant the parties a divorce under Islamic law, but only the power to grant the parties a civil divorce under Michigan law.

The trial court did not decide the parties’ respective religious obligations under the tenets of their faith tradition, but only decided the parties’ respective obligations under long-established principles of Michigan contract law. Because this case does not require the resolution of any ecclesiastical questions, we conclude that defendant’s argument is without merit.

U.S. courts don’t enforce religious laws, be they Christian, Jewish or Muslim. U.S. courts enforce American law. As long as a religious agreement can be enforced without resolving theological questions it may be enforceable.

The U.S. News article is here.