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Entries in prenuptial agreements (3)

Wednesday
Feb122014

California Family Law: Broken Promises, Broken Proposals

 

Who keeps the engagement ring?by Lovette T. Mioni

 

February 14th is considered the most romantic day of the year for many. Sometimes, romanticism spurs a compulsion to make a grand gesture, like a very public proposal. Whether public or private, about six million people expect or will offer a marriage proposal on Valentine's Day, according to CNN.

Sometimes the best laid plans go awry though, and that is often the case with proposals. In that situation, who gets to keep the ring?

General rules of etiquette imply that a fiancée return the engagement ring to the former intended when a wedding is called off, regardless of which party cancelled the wedding plans.

In California there is a law that addresses this issue. California Civil Code §1590 says:

Where either party to a contemplated marriage in this State makes a gift of money or property to the other on the basis or assumption that the marriage will take place, in the event that the donee refuses to enter into the marriage as contemplated or that it is given up by mutual consent, the donor may recover such gift or such part of its value as may, under all of the circumstances of the case, be found by a court or jury to be just.

This means that civil courts in California look at who broke the engagement. If an engagement ring donor breaks off an engagement, it is likely a court would rule that the recipient, anticipating marriage, may legally keep the ring. If the donee broke off an engagement, the donor has the right to legally reclaim the ring. 

If you are considering giving a very expensive engagement ring, or a family heirloom engagement ring, we recommend obtaining a prenuptial agreement that sets forth who will keep the engagement ring in the event of a break up. 

Contact one of our Divorce Attorneys for more information.

Disclaimer:
This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only, to provide general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for obtaining legal advice from a licensed professional attorney in your state.

Friday
Jan032014

Why Get a Prenup? Marriage Is a Financial Partnership Too

Marriage and Money: Prenups

by Lovette T. Mioni

 

Most people wouldn't go into business without insurance. So why do so many couples get married without a prenup? 

Marriage, like it or not, is a financial partnership – whether or not the couple decides to keep their finances separate or comingle them. If they're smart, they'll talk about their expectations and responsibilities before they tie the knot, whether they have a few grand tucked away in a savings account, or millions of dollars invested in complicated portfolios.

The financial conversation is necessary to every couple. The prenup conversation though, will particularly benefit anyone who:

  • Owns a home, real property, or valuable collections/heirlooms

  • Owns a business

  • Has a stock or retirement fund

  • Expects, or already has an inheritance

  • Has a child or children from a previous marriage

  • Has loved ones that need special care/elder care

  • Is pursuing a degree or license in a potentially lucrative profession

  • Expects dramatically increased earnings in the future

A legally enforceable prenup is fair to both parties, and is not signed under duress.

It should define and protect community and separate property, support an estate plan, save time and money by reducing conflicts in the event of a divorce, and lay down some ground rules for deciding future problems.

Since California is a no fault state, the parties can't write in financial penalties for bad behavior or making lifestyle decisions, such as cheating, refusing to have children, or taking up gambling.  

They can however, protect themselves from debts one of the parties incurs should s/he make some of these choices. That's why prenups are like insurance.

When Should You Ask for a Prenup?

Some people find it easier to mention their preferences for a prenup very early in a relationship, as part of a general conversation regarding marriage, for example. This way the boyfriend or girlfriend will know what to expect further down the road, should the relationship progress more seriously.

Others ensure they talk about prenuptial agreements before the engagement; while some others wait until the 11th hour, fearing hurt feelings and the potential end of what was once a good relationship.

Generally speaking, the earlier you bring up the idea, the better.

Whenever you decide to pop the question – the prenup question, that is – know that California law requires there be seven days between presentation and execution of the prenuptial agreement, Family Code §1615(c)(2). This gives time for the person receiving the prenup to seek legal counsel to protect his/her own assets.

Contact one of our Prenuptial Agreement Attorneys for more information.

Disclaimer:
This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only, to provide general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for obtaining legal advice from a licensed professional attorney in your state.

Thursday
Oct042012

Postnuptial Agreements Relieve Pressure on Marriage

Encino Tarzana Divorce LawyerPostnuptial Agreement Lawyer

by Vanessa Soto Nellis
818.907.3274

San Fernando Valley Custody Lawyer Los Angeles

 

This may sound counterintuitive, but sometimes a postnuptial agreement can save a marriage. That's especially true if money is a major source of tension, or if one partner comes into an extra income or windfall that wasn't expected before the couple got married.

This scenario could stem from an unexpected rise in business profits, or receiving a substantial inheritance, or even winning the lottery.  

Some partners ask for postnups because of a spouse's lifestyle, i.e., excessive shopping, drinking, or gambling habits.

Whatever the case, divorce lawyers across the nation have seen a rise in couples putting postnuptial agreements, also known as marriage agreements, in place over the last few years. Interestingly, these attorneys say more and more wives are the ones seeking security in a postnup – especially now, when women have steadily been increasing their earning power over the last few decades and taking control of the finances.


Why Bother Drawing Up a Postnup?

 

Whether you're male or female, newly wed or married for many years, a postnup may very well be a good way to keep the peace in your marriage, or even to keep the peace in your own mind.

It's a way for you to save your personal assets in the event all goes awry in your marriage – and if nothing else, it's a pressure release valve that will hopefully relieve some financial tension. Even happy couples disagree on how money should be spent.

A good postnuptial agreement could help resolve issues regarding:

  • Assets (business and personal)

  • Support

  • Children's College Tuition & Expenses

  • Debt

  • Inheritances (past or future)

  • Property (everything from the art collection to the golf gear to the timeshare in Zanzibar)

  • Protections for Step-Children

  • Retirement Benefits

If one or both of you are worried about the financial future, a postnuptial agreement may be the very tool to relieve some of the pressure and even act as a reset button for your marriage.

Vanessa Soto Nellis is a Family Law Attorney experienced in divorce and division of assets, prenuptial and postnuptial agreements, and support modification agreements. Contact her via email at vnellis@lewitthackman.com.

Disclaimer:
This Blog/Web Site is made available by the lawyer or law firm publisher for educational purposes only, to provide general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand there is no attorney client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for obtaining legal advice from a licensed professional attorney in your state.
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