Archive for the ‘Marriage’ CategoryWhat Is Forbidden in a California Premarital Agreement?Friday, August 19th, 2011The Implosion of the “Governator’s” Marriage: In May of 2011 former California Governor Arnold Schwarzenegger and his wife of 25 years, Maria Shriver, announced they were separating. According to a recent CNN article, the cause of their rift was a child fathered by Schwarzenegger as a result of an affair he had with a member of his household staff nearly 13 years earlier. (more…)
Prenuptial and Co-Habitation Agreements in CaliforniaWednesday, December 22nd, 2010It was recently reported that actress Eva Longoria filed for divorce from her husband, NBA star Tony Parker, after allegations of infidelity on Parker’s part. Because the couple entered into a prenuptial agreement before their marriage, the agreement will determine how their assets are divided and whether any spousal support must be paid. California is a community property state. This means that property acquired during a marriage belongs equally to both spouses. However, couples can modify their property rights by contractual agreement. Prenuptial, or premarital, agreements allow couples to decide how property will be divided and/or spousal support paid should the marriage end. These agreements must be carefully drafted and comply with specific requirements in order to be enforceable. (more…)
Challenging a Prenuptial AgreementFriday, August 20th, 2010One would think that the spouses with assets worth millions of dollars would have entered into an iron-clad prenuptial agreement for dividing those assets if there was ever a divorce. However, even seemingly iron-clad agreements are often challenged in California divorce cases involving well-to-do spouses. Grounds for Challenging a Prenuptial Agreement The method for challenging a prenuptial is to demonstrate that it is defective in some manner and therefore should not be enforced. This is never an easy undertaking, because much of the evidence will be disputed testimony about what each spouse said or did, or did not say or do – facts that are very difficult to establish without other supporting evidence. The dispute typically centers on whether the prenuptial agreement was revoked, amended, or invalid from the start because it was entered into as a result of fraud or duress. (more…)
Who Gets the Family Home in Your California Divorce?Friday, May 14th, 2010In most California divorces, the family home is one of the biggest assets at stake in the divorce. No matter what you do, remember that how your property is divided can affect you long after the divorce is final. What happens if one spouse keeps the house? Option 1: The Buyout If one of you does keep the home, then you’ll have to buy the other spouse out. To buy out your spouse’s share, you might even things out by making trade-offs. Often, the spouse keeping the house will give up a share in other community property with equal value. As with your other assets, getting an accurate appraisal of the property’s value is critical. (more…)
The Truth About Common Law Marriage & “Palimony” in CaliforniaFriday, January 8th, 2010It may surprise you to know that there is no such thing in California as common law marriage, or to be more accurate, a common law marriage can never be created in California. It’s widely believed that if a couple lives together for many years and holds themselves out to the world as a married couple, then the couple will be considered to be legally married. While this can be possible according to the laws of a few states, California abolished common law marriages over a hundred years ago. California will, however, recognize common law marriages that were created in states which do recognize them. (more…)
It’s Not Too Late: The Postnuptial (or Marital) Agreement in CaliforniaThursday, December 10th, 2009The postnup hasn’t been in the spotlight nearly as much as its well known counterpart-the prenuptial agreement-but both agreements carry many of the same goals for California couples. A postnup is a financial agreement created after getting married, as opposed to a prenuptial or premarital agreement that can only be entered into prior to exchanging vows. A postnup, also called a marital agreement, is used to plan how the property you and your spouse own together or separately will be divided and distributed if there’s a separation, divorce, or death. For some, a marital agreement can be created to address financial issues that are troubling a marriage. On this point, a CNN article by Robert DiGiacomo, “Quit Fighting – Get a Postnuptial Agreement,” relates the story of a couple that had been married for 30 years but often fought over money. They decided to get a postnuptial agreement, and although it didn’t solve all their problems, the two were able to ease tensions and “breathe easier” once they got a marital agreement. While there’s no assurance that a marital agreement will help break an impasse for other marriages, for some, a postnup allows the couple to work on other issues once financial questions are resolved. (more…)
In Between Marriage and Divorce: What’s Legal Separation in California and is it Right for You?Friday, August 7th, 2009You’ve probably heard the term “legal separation” often, and you may be unsure of what it really means under California law. As reported by People, Sean Penn filed for divorce from his wife Robin Wright Penn in 2007, dismissed the divorce a few months later, and later filed for legal separation in April 2009, only to dismiss this petition the following month. While this is described as the second time that Penn calls off his divorce, legal separation is not divorce, because a legal separation doesn’t legally end a marriage. So what does it do? (more…)
Is it Yours, Mine, or Ours? Getting Married in California and Meeting Your GoalsMonday, July 13th, 2009If you’re getting married, then you should think about how California’s community property rules will affect you, and whether there’s a better way for you to promote your financial goals. You may have heard that after seven years together, Harrison Ford and Calista Flockhart confirmed they’re getting married, and I can’t help but wonder-will there be a prenup? Thinking back to another famous Hollywood marriage, the Tom Cruise-Katie Holmes prenuptial agreement reportedly provides Holmes from between $3 to $33 million per year, according to MSNBC. (more…)
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