FINANCIAL INTIMACY SUZE CHAPTER 2 Dave Rath The Financial side of LOVE, ROMANCE, CO-HABITATION, and the MARRIGE CONTRACT Financial Intimacy Money Problems Living Together Prenuptial Agreements Marriage Contract JTWROS and TIC Joint Tenancy with right of survivorship / Tenants in Common Nonmarital Cohabitation Agreement (Living Together) - Free Legal Form Vulnerable Cohabitation Agreements In the event of death or breakup without a cohabitation agreement, you partners may be treated as legal strangers. Implied agreements / Palimony (living or dead) Common Law Marriages Common Law states Alabama. In this state, the parties must agree to be husband and wife, they must have the mental capacity to enter into and understand such an agreement, and they must consummate the marital relationship. Colorado. In order for a common law marriage to exist in Colorado, the relationship must be proven by the cohabitation of the common law spouses and their reputation for being married. District of Columbia. In the District, a common law marriage is established by the parties' explicit intent to be married and by their cohabitation. Iowa. A common law marriage is established in Iowa by the parties' intent and agreement to be married, their continuous cohabitation, and their public declarations that they are husband and wife. Kansas. In Kansas, the man and woman must have the mental capacity to marry, they must agree to be married at the present time, and they must represent to the public that they are married in order for a common law marriage to exist. New Hampshire. This state recognizes common law marriages only upon the death of one of the spouses. In other words, common law marriages are recognized in New Hampshire for inheritance purposes only. Montana. In Montana, the parties must have the capacity to consent to marriage, they must agree to be married, they must cohabitate, and they must have a reputation of being married. Oklahoma. The parties must be competent, agree to enter into a marriage relationship, and cohabitate in order to be considered as having a common law marriage. Pennsylvania. A common law marriage is established in Pennsylvania by the exchanging of words between a man and a woman indicating an intent to be married at the present time. Rhode Island. In Rhode Island, a common law marriage exists if a man and woman have a serious intent to be married and engage in conduct that leads to a reasonable belief by others in the community that they are married. South Carolina. In this state, if a man and woman intend for others to believe they are married, a common law marriage may be established. Texas. If a man and woman in Texas sign a form provided by the county clerk, agree to be married, cohabitate, and represent to others that they are married, a common law marriage exists. Utah. In Utah, a common law marriage is established if the man and woman are capable of giving consent and getting married, if they cohabitate, and if they have a reputation of being husband and wife. Is engagement a contract? Is engagement a contract? Jilted bride gets $150,000 jury award Rose Mary : „He made a promise to me‟ After hearing the case the court agreed The Marriage Contract Marriage is a written contract and verbal agreement binding you to an obligation of respect, fidelity, and support Separation Annulments Divorce Alimony Medical procedures? After years of court hearings, who did the courts listen to in the Terri Schiavo Case? Settlements / Alimony / Child Support Transfers of money and assets What are they What are the tax consequences of each 2 Types of Annulments Religious – Catholic Church, required to re- marry in the Catholic Church Legal –Assumption is that if you would had known, you would never have gotten married. Annulment means the marriage is dissolved and never took place. Fraud, Incapacity of mind, Inability to Consummate, age or other legal restriction YouTube - Kenny Chesney Talks About His Annulment Sept. 16, 2005 NEW YORK - Renee Zellweger and country music star Kenny Chesney will have their four- month-old marriage annulled. Divorce – the undoing of the legal marriage contract “For richer or poorer, better or worse, in sickness and health, till death do us apart” Community Property States Equitable Distribution Sates “Words of wealth” and “Not today thank you” Ways to settle a Divorce Divorce Attorney Court Trial with a judge* Mediator Arbitrator *Financial and Emotional Implications $76 million dollar settlement for Madonna Richie Divorce Madonna Divorce Smear Campaign London, Nov. 20, 2008 “Divorce battle taking toll on Madonna's health?” “Divorce battle to be “They prepare made to fight it out in public” a US court.” The Playboy Playmate® and the Billionaire “At age 26, Anna Nicole Smith married 89-year-old J. Howard Marshall” “The prenupt would have limited her to $5 million” “Smith never signed her Prenuptial agreement but decided “Smith was awarded for a quickie marriage” $450 million by a According to various sources judge in California” Prenuptial Agreements GOOD or BAD Full Disclosure of assets, debt, $ Requires you discuss $ issues in advance 6 mo. – 1 yr. before marriage 2 attorneys (1 each) What should be in it: •How $ will be handled What can‟t be in it: during marriage Child custody/support •Inheritances, debt, Illegal activity property, Pension, $$$ Sex…. •How assets will be divided if split-up activity/frequency/type Britney Spears Prenup Agreement Based on his signed prenup with Britney Spears, The NY Post is reporting that Kevin Federline will only walk away from his divorce with approximately $300,000. That is certainly pocket change to a mega star like Britney, who is estimated to be worth over $100 million. Ferderline asks for custody Custody granted Spears will pay $25,000 a month in child support for each of the couple’s two children until they reach 18. Death of a loved one Divorce 50%/ Death 70% men die before wife And if woman needed any more reasons to have control of our money: The poverty rate among children quadruples when they live with a divorced mom instead of married parents. Women comprise 80%of older Americans living alone. The income of widows drops 44% within three years after a husband's death What is paternity? Paternity means fatherhood. When a married woman gives birth, her husband is presumed to be the father of the child. When a child is born outside of marriage, the father of the child does not automatically have the same rights and responsibilities as the father of a child born in marriage. Laws vary by state Tennessee Code TITLE 36 DOMESTIC RELATIONS CHAPTER 2 PATERNITY PART 3 PATERNITY AND LEGITIMATION Are you financially compatible? What portion of income is How will you split bills? acceptable debt/savings? Remember the number one reasons for divorce in North America!
Pages to are hidden for
"Free Prenuptial Agreement"Please download to view full document