Archive for the ‘California Newlywed Planning’ Category

Orange County Newlywed Planning and the Prenuptial Agreement

Wednesday, January 11th, 2012

Newlywed planning can be so much fun.  There’s the dress, the photographer, the caterer, and the flowers.  One area that can get overlooked, however, is the prenuptial agreement.  Sure, it might not seem like as much fun as tasting cakes and picking your first dance song, but it is something that needs to be considered in the midst of the wedding preparations.

A skilled prenup lawyer in Orange County can help you quickly and effectively put together a prenup that fits your specific situation.  We may not all come from Kardashian-type money (do you bet she’s glad she had a prenup?), but there are good reasons to create this contract with your spouse-to-be.

Some of the most common aspects of a prenup in Orange County include things like how to divide up property or whether or not there will be spousal support in the event that the marriage should break up.  Some couples choose to add terms that further outline what will happen in various circumstances.

The best approach is for each partner to hire a separate marriage lawyer to ensure that both of their interests are being considered in the prenuptial agreement.  This can become just one aspect of newlywed planning, adding it to the to-do list in between ordering the wine and choosing the tuxes.  While there is already a lot to do during this time, making it an essential part of the wedding planning process simply turns it into one more item to be checked off as you complete it.

Your prenup lawyer will have plenty of good advice for you and will make the process as quick and easy as possible.  Laws in Orange County can vary from those in other states, but some of the most likely things the prenup lawyer will advise you about are the fact that both parties must voluntarily sign the prenuptial agreement (no one can be forced into it), it must be in writing, both parties must fairly disclose their assets, etc.

If you are concerned that your prenup could take some time to negotiate, then it is important to be in touch with a prenup lawyer well in advance of the wedding day.  There isn’t typically a rule regarding how long a prenup must be signed before the big event, but putting it off until the last minute can throw a stressful monkey wrench into your plans.

In some states, registered domestic partners also have the option of entering into a prenuptial agreement.  This can create a few tax questions, so it is again very important to turn to an experienced prenuptial lawyer in Orange County to ensure you are following all applicable laws and provisions.

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Can a Newport Beach Prenup Lawyer Really Help with Estate Planning?

Tuesday, October 4th, 2011

If you’re thinking about having a prenup drawn up before you tie the knot in Orange County, you may want to find an attorney who focuses on estate planning, too. Perhaps surprisingly to some, a prenuptial agreement can be an important piece of estate planning documentation. Many couples in Newport Beach see the importance of creating a binding prenup in order to protect their assets and plan for their future.

Today, blended families are far from unusual. During the newlywed planning phase, the couple needs to consider what happens to “yours, mine, and ours” as it relates to children they each have from previous, and their current, relationships. You may each have certain items or financial support that you want designated specifically for your own biological children, and a prenup is used to make these wishes known.

This is also the case when older couples marry. They may each have their own grown children and grandchildren that they wish to provide for. Without a written prenuptial agreement, a surviving spouse will often become default heir to the other’s estate, allowing the spouse to do with it whatever he or she sees fit. It could be perfectly legal for the deceased spouse’s children to inherit nothing.

Working with a Newport Beach prenup lawyer before exchanging vows can help to clarify each partner’s wishes, as well as to provide legal documentation. Simply discussing your preferences is not enough, either. To be binding, the prenuptial agreement must be in writing, and both spouses must sign it. In fact, it is necessary for each spouse to take the appropriate amount of time to read the entire document to ensure that he or she agrees with it and is not being pressured into signing something.

A prenup that seems grossly unfair to one spouse or the other may not hold up in court, so this step is pretty important. Some states even require that each party is advised by his or her own prenup lawyer rather than sharing the same attorney. If one spouse omits information or outright lies about it in the prenup, that can also render it invalid.

While creating a prenuptial agreement may not be the most romantic way to go into a marriage, it can be important from an estate planning point of view. It allows you to plan for the future and to designate your own heirs. Some people who skipped this step are now coming to prenup lawyers to request “post-nuptial agreements.” These documents work quite similarly to the prenuptial agreement but are simply done after the wedding is over. It’s best not to wait, but if you have, a Newport Beach prenup lawyer can still get the ball rolling for you.

If you’re ready to get started with this process, we invite you to call our office at (949) 260-1400 and ask if you qualify for a free Family Wealth Planning Session ($750 value).

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Getting Married Before The End of The Year? Orange County Tax Lawyer Says Think Twice Before Filing the ‘Official’ Paperwork

Thursday, December 30th, 2010

By Darlynn Morgan, Orange County Tax Lawyer

Welcome to Southern California, where winter weddings are always a popular choice for couples who don’t have to worry about the snow or freezing temperatures the way they do in other states.

However, as an Orange County tax lawyer, I will say there is one HUGE thing couples getting married in December almost always overlook, which often results in their first unnecessary bill as a married couple.

So what’s that?

Taxes!

It’s amazing how many people don’t realize that even if they are married on the last day of the year, they will still have to file a joint tax return for the ENTIRE year.   This could easily result in unwanted tax consequences and the possibility of having to send a larger check to Uncle Sam come April 15th.

Now yes, I admit that in some cases filing jointly can save a newly married couple money.  This is especially true if one spouse earns significantly more money than the other. But in most cases (especially those in which the bride and groom earn a similar salary) filing as a married couple will actually COST you money in the end.

That is why I, as an Orange County Tax Lawyer, always advise people to talk with their CPA before getting married in late November or December.

Of course your CPA (or I for that matter!) probably won’t advise you to change the wedding date (as you’ve likely had everything booked a year in advance), but perhaps, if you are going to be hit with unexpected tax consequences you might consider it –unless it were possible to wait and file the official paperwork until after the 1st of the year..

Don’t have a CPA and not sure who to talk to regarding the potential tax consequences of your winter wedding?  Please feel free to give me, your neighborhood Orange County Tax Lawyer a call and I’ll be happy to point you in the right direction.

And while you’re in the process of getting your financial ducks in a row, check out this page that explains the importance of newlywed planning.

Contrary to popular belief, newlywed planning isn’t just about creating a California premarital agreement, although that is certainly one strategy to consider.  Newlywed planning goes hand in hand with estate planning, because other strategies involve setting up a separate property trust to segregate property that a spouse enters the marriage with.  It may even provide the couple with asset protection that can give them both peace of mind.

So if you own separate assets or have children from a previous relationship, I can’t stress enough the importance of speaking with a lawyer about newlywed planning before the big day.  It is one of the smartest things you can do to make sure your children, assets and wishes are protected if something unexpectedly happens (ie. death, incapacity, divorce, lawsuits, etc).

Fortunately, we’ve made the process of meeting with an attorney easier than ever by offering 10 free Family Wealth Planning Sessions each month to readers of our blog (normally $750).  Simply call (949) 260-1400 to reserve your spot.  Your new family will thank you as you put a rock-solid hedge of protection around them that will last for generations to come.

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Does California Recognize Common Law Marriage and What Are My Rights?

Friday, November 12th, 2010

I often meet with couples who assume that because they’ve lived together for a certain number of years, they will automatically receive their partner’s assets or other inheritance should one of them unexpectedly pass away.

Unfortunately, this is not the case, as California does not recognize common law relationships as some other states do.   So for someone in a non-traditional relationship living in CA, that means they could not make a claim to their partner’s assets if they pass away, or make important financial or medical decisions for their partner if he or she is incapacitated but does not die in an accident.

This is a scary situation to be in, especially if you’ve spent years believing you or your children would be taken care of if your “common law” husband or wife was suddenly killed or injured.

So what can you do to protect yourself legally and financially if tying the knot isn’t in the forecast?

At a bare minimum, you should have a will clearly expressing what each partner is entitled to should the other pass away.   Additionally, you’ll want to check the designations of real property, personal property, life insurance benefits and other assets.

The next, and arguably the most important thing you should have are medical directives and power of attorney forms.  It’s important to understand that because you are not “legally” married in the eyes of the law, you will not be permitted to make financial or life-saving decisions for your partner if they are temporarily –or even permanently incapacitated.   Without such forms you could be locked out of bank accounts, unable to manage your bills or left as a helpless bystander if your loved one requires important medical decisions to be made on his or her behalf.

Yet fortunately, all of these documents ( a will, medical directive and power of attorney) are relatively simple to draw up with the help of an experienced attorney.  I can also say that having them done is well worth the initial investment should the unthinkable happen.

So if you’re currently in what you believe to be a common law relationship or living together and you now need help getting your legal and financial life in order so you are protected should death or incapacity suddenly occur, give us a call at (949) 260-1400.   If you mention this article, we’ll waive the $750 fee for our Family Wealth Planning Session and walk you through the steps you must take to protect your family free of charge.  However, these appointments are limited to 10 per month so call today!

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Before You Say “We Do”: Important Planning Tips from an Irvine Corporate Lawyer

Tuesday, July 13th, 2010

From the desk of Darlynn Morgan:  Irvine Corporate Lawyer

Every new relationship begins with starry-eyed optimism…

The world is your oyster…the sun is shining…the birds are singing…

But what happens a few months down the road when the bloom is off the rose? Believe me, as an Irvine corporate lawyer I know from experience that it will happen and it happens with business relationships as quickly as it does with personal ones.   What then?

Before you jump up and say “we do” to any business relationship, the best way to protect your interests is to have an agreement, in writing, that not only protects you and your business associates, but will serve to memorialize the responsibilities, goals and expectations of everyone involved.  The idea here is less about enforcement than about documentation and managing expectations.

An added bonus is that the very act of negotiating the agreement will give you a bird’s eye view into the mindset of the people you’re contemplating relying on for your livelihood.  There are many potential business partners out there who are wonderful people and possibly even great friends but their belief system is so skewed that they become incredibly difficult to deal with in a close relationship.  They will fight you to the figurative death over the tiniest detail simply as a matter of principle.

Is that really someone you want to tie yourself to that closely? Remember – most of us spend as much or more time with our business partners than with our families. Especially those of us who run our own businesses.

When you’re considering a new business relationship, keep these three things in mind:

  1. 1. Yes, You DO Need a Written Agreement

It’s really tempting to eschew the written agreement phase, especially if the person you’re going into business with is a friend or family member.  But these are exactly the kinds of business relationships that need documentation.  It will keep everyone honest and memorialize what you agreed to when the relationship was new.

  1. 2. Pay Attention to How Your Potential Partner Handles the Negotiation Process

The very act of negotiating an agreement will give you a new perspective on how your potential partner handles conflict, what they value and whether or not your belief systems complement each other.  If you see a problem in any of these areas, run, don’t walk, to the nearest exit.  You will save yourself a lot of heartache and potential damages in the long run.

  1. 3. Hope For the Best But Plan For the Worst

Hope truly does spring eternal and most of us are guilty of a little cock-eyed optimism at the beginning of any relationship.  But bear in mind that the agreement you sign at the beginning of a business relationship will help to govern how that relationship ends.  While you each may think the other is the greatest thing since a pocket on a shirt when you start your business, by the time one of you is leaving the enterprise you probably won’t be as happy with each other.  Make sure that your agreement covers not only how you enter into the relationship but how you leave it and, as much as possible, what comes after as well.

Once you’ve managed to negotiate a strong agreement and everyone knows what to expect and who will do what, the start up phase of your business will proceed much more smoothly.  The mere act of documentation will free you from uncertainty and allow you to  put your focus where it really belongs – on growing your business.

Call our Irvine Corporate Lawyers today at (949) 260-1400 to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit so we can identify if there are any holes in the foundation of your business, including the agreements you need to have in place before you get started.  Normally, this session is $1250, but if you mention this article and we still have room on our calendar this month, we will waive that fee.

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Can You ‘Casually Agree’ On The Terms of a Newport Beach Prenup?

Monday, June 21st, 2010

From the desk of Darlynn Morgan, Newport Beach Prenup Lawyer

It’s the middle of June and the sultry summer wedding season is in full swing. Couples are running around frantically trying to finalize their plans and almost all of them will be presented with one burning question before the big day:  are you signing a prenuptial agreement?

While I realize legal matters may seem like the least of your concerns in the months and weeks leading up to the wedding, it is important, however , to give this question ample consideration before making such a binding and long-term commitment.

To that end, there are a number of rules that must be followed to ensure the court will uphold your Newport Beach prenup agreement.  You can’t just discuss the matter over coffee and then expect your “casual” agreement to hold up in a court of law.

So – what must happen for a prenup to be enforceable here in California?

1. The prenup must be written and signed by both parties.

2. Both parties need to have independent legal counsel – this is important for validation.

3. An ample amount of time is required between the time that the prenup presented to the proposed and when it is taken in to be signed.

4, There needs to be full debt and asset disclosure between both parties.

5. The prenup has to be prepared according to public policy and statut

The bottom line is that drafting an air tight Newport Beach prenup takes some time. Give yourself plenty of wiggle room to hammer out the details so you don’t feel overwhelmed or stressed.  A good rule of thumb is to have your prenup signed and filed before the wedding invitations go out.   If you haven’t already, consult with an attorney and get this process started so you can have it out of the way.

Fortunately, we’ve made the process of meeting with an attorney easier than ever with our free Family Wealth Planning Sessions ($750 value) offered to readers of our blog.  However, these free sessions are limited to 10 appointments per month, so call 949-260-1400 to secure your spot today!

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