Tag: muslim prenups

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 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