JDSUPRA: “Divorce is a fact of life in America. It should come as no surprise that it can be a difficult process and can cause other aspects of a person’s life to be ignored while it is happening. It is important, though, that a divorcing individual involve his or her estate planning attorney in the divorce process to make sure that any settlement agreement and estate plan comport with post-divorce reality. In many cases, a divorce will automatically eliminate a former spouse from receiving any benefits under the other spouse’s will or revocable trust. This may not be the case in all states, though. Moreover, the divorce may not affect assets that have beneficiary designations, such as life insurance and retirement benefits (and, more commonly now, bank and brokerage accounts). Thus, a careful review of all of an individual’s assets is essential.”
Bloomberg: “A Russian billionaire fighting one of the largest divorce payouts in U.K. history lost a Moscow court case where he was trying to prove that his marriage had been dissolved 16 years earlier. Farkhad Akhmedov was ordered to pay his wife Tatiana Akhmedova more than 450 million pounds ($586 million) following a London trial that he refused to participate in on the grounds that he was already divorced in Russia. Now the Moscow City Court has rejected an appeal by the businessman seeking to prove the existence of that divorce.”
Elite Daily: “The upcoming royal wedding of Princess Eugenie and long-time boyfriend Jack Brooksbank has the whole world talking, and it’s for good reason. Princess Eugenie and Brooksbank are fairly low key and lead relatively normal lives compared to their fellow royal family members, which makes their love story surprisingly relatable. However, because they’re such a low-key couple, there are tons of unanswered questions about their Oct. 12 wedding. For instance, do Princess Eugenie and Jack Brooksbank have a prenup? It’s not a totally off-base question, but it’s also sort of complicated. The soon-to-be married couple has been together seven years, but with the royal family, nothing is off the table. (Except bright nail polish, of course.) The thing is, the royal family is high-profile on a worldwide scale. They’re basically like the Kardashians, but British and with crowns, titles, and dress codes. Marrying into the fam is a pretty big deal, and just like celebrities sign prenuptial arrangements, you might expect the royal family to follow suit. But surprisingly, that’s not the case.”
Forbes: “While the celebrity buzz of the week is that Justin Bieber and Hailey Baldwin were secretly married earlier this week, the even bigger news is that they may not have signed a prenuptial agreement. With Justin’s net worth estimated at $265 million and Hailey’s at $2 million, that’s a tremendous imbalance of wealth. Depending on how the marriage turns out, this could result in a big payday for Hailey down the road. While Justin and Hailey may be young and in love – and throwing all caution to the wind – no one with any substantial assets should follow their lead. Here are 10 things every person should know about prenuptial agreements.”
Bloomberg: “For some, it means liberation. For others, loss. For women in particular, the doubling of the divorce rate for the 50-plus crowd since the 1990s can mean something far more prosaic: a need to shoulder the big financial decisions they’d let their spouses deal with when they were married. Often, they find some nasty surprises after he’s gone. A majority of married women—56 percent—still leave major investing and financial planning decisions to their spouse.”
TMZ: “Rudy Giuliani and his wife, Judith, are heading for splitsville after 15 years of marriage … TMZ has confirmed. The former Mayor of NYC and his wife tied in the knot in 2003, but Judith filed paperwork to end the matrimony … and it appears she’s ready to battle over their assets because she reportedly filed a contested divorce proceeding in Manhattan Supreme Court.”
TMZ: Nas and Kelis are at war over issues involving their 8-year-old son, but they have actually come together and reached a settlement on the issue of custody. We’ve learned Nas and Kelis have agreed to share joint legal and physical custody of Knight.
LA Times Blog: Kim Kardashian and Kris Humphries have signed a much-discussed prenuptial agreement, it was revealed Wednesday in what might have been the day’s largest bit of predictable breaking news.
The newlyweds, who tied the knot in Montecito on Saturday before friends, family and the cameras of E!, have agreed to protect their mutual assets against the seriously microscopic chance of divorce.
What’s at stake? Kardashian’s $35-million personal fortune, up against Humphries’ NBA payday of $8 million to $16 million, according to THR.
The pair would be wise to protect their individual assets. If he continues to succeed in the NBA, Humphries would only see his salary climb, and Kardashian really knows how to make bucks on deals selling, um, the Kardashians. Of which there are many. Some of which can go awry. So this keeps him out of her business.
NJ.com: Today Your Legal Corner provides information on second marriages and estate planning.
Losing a parent is devastating. It is said this experience begins the next chapter in our life and that of the surviving parent.
When the surviving parent finds a new special someone, it can create mixed emotions for the family. On the one hand, you are happy to see dad or mom finally getting on with life, experiencing a second bite of the apple, with a fresh taste for life.
At the same time, you’re suspicious of this new friend. Acceptance of the relationship brings a feeling of disloyalty to the deceased parent. All of these emotions are common and normal.
With second marriages and estate planning, staying actively engaged with your parent will minimize incidents of fraud or undue influence by third parties.
CNN Money: Reality TV star Kim Kardashian isn’t often held up as a model of prudent behavior. But the recent reports that she and her fiancé, NBA forward Kris Humphries, are working out a prenuptial agreement make her the celebutante face of a practical new trend. Prenups are on the rise. And they aren’t just for the wealthy and famous these days.
A prenup is a legally binding contract that spells out how a couple’s assets will be carved up if their marriage fails. Nearly three-quarters of attorneys surveyed in 2010 by the American Academy of Matrimonial Lawyers said they had seen a marked increase in prenups in recent years. A key reason: The financial crisis left people anxious to protect what they have. A glance at marriage statistics underscores the importance of planning ahead. Almost half of all first marriages end in divorce, and the divorce rate on subsequent unions is even higher.