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Featured Story: BETTER STORAGE MEANS BETTER COFFEE October 22, 2013 |
 Ever wonder why gourmet and specialty coffee shops serve the best and, not to mention, the most expensive cups of coffee?
It’s a known fact that coffee is best served when it’s at its freshest. Freshness is a big deal especially in the coffee business...
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Showing posts sorted by relevance for query marital assets. Sort by date Show all posts
Showing posts sorted by relevance for query marital assets. Sort by date Show all posts
Posted on
Monday, April 8, 2013
Marrying couples use prenuptial agreement as a document that outlines many legal aspects of the parties heading into marriage. Provisions for the fair division of marital assets and spousal support are commonly outlined and described. Although a prenuptial agreement is not a favorite conversation topic among couples, its popularity has become widespread in recent years.
There are unique cases however wherein a prenuptial agreement can be dismissed by the court. While most agreements are completely legal, there are a few exemptions in extreme cases such as one explained during a recent ruling.
After a year fighting what she believes is an unfavorable and aggravating alimony and marital asset distribution, a woman was finally given vindication by the local appellate court by overturning a prenuptial agreement she signed prior to her marriage.
Her husband, whose net worth is around $30 million, prepared the prenup which he promised to revoke once the couple has a child together. It stipulates that the ex-wife is only entitled to $25,000 for each year they are married. It also adds that all marital properties earned during the time of marriage will go to the husband.
According to legal documents, the appellate court agreed that provisions for alimony and property division in the prenup, including the acts of coercion and failure of the husband to make good on his promise, were fraudulent and intends to cause undue hardship to the female spouse. The court felt that it can’t allow such an agreement to be enforced in any legal manner.
The overturning, handed down in Brooklyn, New York, was the first of its kind in the country and legal experts are excited about it. Many are claiming that it sets legal precedent for prenuptial agreements which rarely gets overturned.
Prenuptial agreements are effective legal tools that set provisions for alimony after a split and the separation of assets earned prior to marriage. However, it is only good as long as it’s not fraudulent in nature and does not set a spouse up to destitution.
Read More
Marrying couples use prenuptial agreement as a document that outlines many legal aspects of the parties heading into marriage. Provisions for the fair division of marital assets and spousal support are commonly outlined and described. Although a prenuptial agreement is not a favorite conversation topic among couples, its popularity has become widespread in recent years. There are unique cases however wherein a prenuptial agreement can be dismissed by the court. While most agreements are completely legal, there are a few exemptions in extreme cases such as one explained during a recent ruling.
The overturning, handed down in Brooklyn, New York, was the first of its kind in the country and legal experts are excited about it. Many are claiming that it sets legal precedent for prenuptial agreements which rarely gets overturned.
After a year fighting what she believes is an unfavorable and aggravating alimony and marital asset distribution, a woman was finally given vindication by the local appellate court by overturning a prenuptial agreement she signed prior to her marriage.
Her husband, whose net worth is around $30 million, prepared the prenup which he promised to revoke once the couple has a child together. It stipulates that the ex-wife is only entitled to $25,000 for each year they are married. It also adds that all marital properties earned during the time of marriage will go to the husband.
According to legal documents, the appellate court agreed that provisions for alimony and property division in the prenup, including the acts of coercion and failure of the husband to make good on his promise, were fraudulent and intends to cause undue hardship to the female spouse. The court felt that it can’t allow such an agreement to be enforced in any legal manner.
The overturning, handed down in Brooklyn, New York, was the first of its kind in the country and legal experts are excited about it. Many are claiming that it sets legal precedent for prenuptial agreements which rarely gets overturned.
Prenuptial agreements are effective legal tools that set provisions for alimony after a split and the separation of assets earned prior to marriage. However, it is only good as long as it’s not fraudulent in nature and does not set a spouse up to destitution.
About The Author
Victor Dela Casa
is a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Earned degree in Economics from the University of the Philippines and
Business Administration Honours from Eastern College. Currently based in
the Philippines and working as a professional writer for a
multi-national business processes firm.
Posted on
Thursday, May 23, 2013
Hollywood helped make prenups quite popular in recent years. Despite its new found popularity, bringing up the subject of prenuptial agreements can still open up a can of worms causing partners to question trust and honesty concerns.
According to a 2012 American Institute of CPAs survey, money is a big source of problem between couples. It is among the biggest reason for many bouts between couples which eventually leads to a divorce. Many wealthy investors however see advantages in prenups seeing them as a tool that can easily sort out disputes.
Wealthy folks, those with at least $5 million in net assets, were recently surveyed by an investment site about prenups which found that almost all of them were in favor of having such legal documents before saying “I do.” In fact, over two-thirds of this exclusive group recommends preparing and signing prenuptial agreements to anyone looking to marry.
The survey also asked what advantages a prenuptial agreement presents. The respondents pointed out four major benefits namely asset protection, opens up discussions, protection for heirs and inheritors, and property division.
Of course, a prenup is designed to protect one’s assets and separates any liabilities acquired prior to marriage. On this end, it can do wonders especially in a property dispute ensuring a smoother sailing divorce. It also prevents spouses from acquiring these pre-marital assets should children be named as benefactors.
The survey also found that respondents believe discussions about prenups, as difficult as it may be, can get couples accustomed to talking about their finances. It allows for a frank and open discussion of money concerns, not just of assets but of all liabilities as well.
Prenuptial agreements are a thorny subject that many find intimidating to talk about. But if we consider the opinions of the wealthy and powerful, we will find that there are benefits to opening up discussions on the matter.
Read More
According to a 2012 American Institute of CPAs survey, money is a big source of problem between couples. It is among the biggest reason for many bouts between couples which eventually leads to a divorce. Many wealthy investors however see advantages in prenups seeing them as a tool that can easily sort out disputes.
Wealthy folks, those with at least $5 million in net assets, were recently surveyed by an investment site about prenups which found that almost all of them were in favor of having such legal documents before saying “I do.” In fact, over two-thirds of this exclusive group recommends preparing and signing prenuptial agreements to anyone looking to marry.
The survey also asked what advantages a prenuptial agreement presents. The respondents pointed out four major benefits namely asset protection, opens up discussions, protection for heirs and inheritors, and property division.
Of course, a prenup is designed to protect one’s assets and separates any liabilities acquired prior to marriage. On this end, it can do wonders especially in a property dispute ensuring a smoother sailing divorce. It also prevents spouses from acquiring these pre-marital assets should children be named as benefactors.
The survey also found that respondents believe discussions about prenups, as difficult as it may be, can get couples accustomed to talking about their finances. It allows for a frank and open discussion of money concerns, not just of assets but of all liabilities as well.
Prenuptial agreements are a thorny subject that many find intimidating to talk about. But if we consider the opinions of the wealthy and powerful, we will find that there are benefits to opening up discussions on the matter.
About The Author
Victor Dela Casa
is a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Earned degree in Economics from the University of the Philippines and
Business Administration Honours from Eastern College. Currently based in
the Philippines and working as a professional writer for a
multi-national business processes firm.
Posted on
Sunday, February 10, 2013
Experts advise such couples to have a detailed and well thought-out prenuptial agreement and estate plan. Being specific about what is owned before a second marriage can spell the difference between finding happiness and being twice broke and twice broken-hearted.
Tags: Divorce, Estate plans, prenuptial agreement
Read More
Bouncing back from a divorce and marrying a new-found love can be an exciting time for anyone. For many, a second marriage closes the book on the previous marriage and the pain of divorce. But a second marriage brings with it other legal issues and property division concerns. Remarrying partners will do well to reassess their properties and other finances well prior to the marriage.
Experts advise such couples to have a detailed and well thought-out prenuptial agreement and estate plan. Being specific about what is owned before a second marriage can spell the difference between finding happiness and being twice broke and twice broken-hearted.
Until recently, prenuptial agreements were not a popular topic among couples. Thanks to celebrity weddings that often go south, we have learned that a so-called "prenup" is a necessary and effective tool. It is a legally binding agreement that fully discloses each spouse's finances, and it should be signed and witnessed relatively far in advance of the big day.
The agreement also sets forth exactly what each party is entitled to in case the marriage winds up in a divorce. It usually has a payout provision, by either cash or an asset acquired prior to marriage. Conjugal or marital properties-properties acquired during the marriage-are divvied up by the court in accordance with state divorce law.
Even if the second marriage does not end in divorce, the death of one spouse could start a bitter legal battle among the children. This is why tools like wills, trusts and designating beneficiaries should be set up prior to marriage and/or death. Designating beneficiaries will ensure that the intended persons receive the assets upon death in accordance with the testator's wishes. All other properties owned jointly with the spouse will automatically be awarded to the spouse.
Those who want to provide for both the surviving spouse and all the children, including those from a first marriage, should look into a qualified terminable interest property trust (QTIP). This type of trust allows the surviving spouse to get the trust income until he or she dies, and then the children inherit it.
Some states have laws that prevent testators from leaving a spouse out of an inheritance. Elective share laws allow one's disinherited widow first rights on one-third of all assets over all other parties. With all of these legal issues, it is highly advisable to have an estate plan finalized well in advance of the wedding day.
(Written by Vee Dela Casa for D.W. Trombadore, New Jersey Attorney-At-Law, Feb. 4, 2013. For the U.S. published version, click here)
About The Author
Victor Dela Casa is a Filipino-Canadian who spent over a decade working as a business professional in Canada. Worked in IT, finance, marketing, international trade, public service, project management and the maritime industry. Degree in Economics from the University of the Philippines and Honours Diploma from Eastern College. Currently based in the Philippines and working as a professional writer for a multi-national business processes firm.
Tags: Divorce, Estate plans, prenuptial agreement
Posted on
Monday, March 25, 2013
Valentine’s Day is popular among hopeless romantics to profess their love for their significant others. In fact, each year, many men go down on their knees in the most unique, awkward or lavish of settings to pop that big question: “Will you marry me?” While the act of proposing is seen as a romantic gesture, it actually sets off wedding plans and, of course, legal issues as well.
Experts agree that prior to proposing, a soon-to-be-groom should consider what legal consequences a lifetime commitment such as marriage may bring to the table. Often, it is wise to think about seeing a legal professional first and discuss how a prenuptial agreement may be of benefit in addressing certain concerns.
One such concern is the question of who retains engagement rings once the engagement and the ensuing marriage ends in a break-up or, later, divorce proceedings -- a popular issue often raised by women. Fact is that a lot of couples go to court over this token of love and once symbol of affection.
Weddings aren’t just a big fancy day where couples choose to say their “I dos.” It is also a legal contract that joins together the lives of two individuals and gives them certain legal protections, especially on financial matters. Engagement and wedding rings, as well as other jewelries, are included in a marital financial matter.
In California for example, engagement rings are considered conditional gifts based upon an agreement to marry. The rule is that whoever called the breakup forfeits their claim on the ring. If the breakup is unanimous, the purchaser has entitlement to recover while in an amicable breakup, both parties can discuss or reach a compromise on how to deal with the jewelry.
A prenuptial or a postnuptial agreement may be more useful in divorce proceedings. Once the conditions for gifting the rings have been met and marriage has been established, this becomes a marital property. Without a legally recognized agreement to specify conditions on such assets, the court may order the couple to liquidate and split off the proceeds or it may encourage both to reach an agreement on who takes the ring home.
Read More
Experts agree that prior to proposing, a soon-to-be-groom should consider what legal consequences a lifetime commitment such as marriage may bring to the table. Often, it is wise to think about seeing a legal professional first and discuss how a prenuptial agreement may be of benefit in addressing certain concerns.
One such concern is the question of who retains engagement rings once the engagement and the ensuing marriage ends in a break-up or, later, divorce proceedings -- a popular issue often raised by women. Fact is that a lot of couples go to court over this token of love and once symbol of affection.
Weddings aren’t just a big fancy day where couples choose to say their “I dos.” It is also a legal contract that joins together the lives of two individuals and gives them certain legal protections, especially on financial matters. Engagement and wedding rings, as well as other jewelries, are included in a marital financial matter.
In California for example, engagement rings are considered conditional gifts based upon an agreement to marry. The rule is that whoever called the breakup forfeits their claim on the ring. If the breakup is unanimous, the purchaser has entitlement to recover while in an amicable breakup, both parties can discuss or reach a compromise on how to deal with the jewelry.
Experts agree that prior to proposing, a soon-to-be-groom should consider what legal consequences a lifetime commitment such as marriage may bring to the table. Often, it is wise to think about seeing a legal professional first and discuss how a prenuptial agreement may be of benefit in addressing certain concerns.
A prenuptial or a postnuptial agreement may be more useful in divorce proceedings. Once the conditions for gifting the rings have been met and marriage has been established, this becomes a marital property. Without a legally recognized agreement to specify conditions on such assets, the court may order the couple to liquidate and split off the proceeds or it may encourage both to reach an agreement on who takes the ring home.
About The Author
Victor Dela Casa is a Filipino-Canadian who spent over a decade working as a business professional in Canada. Worked in IT, finance, marketing, international trade, public service, project management and the maritime industry. Earned degree in Economics from the University of the Philippines and Business Administration Honours from Eastern College. Currently based in the Philippines and working as a professional writer for a multi-national business processes firm.
