Facebook Zuckerberg marries for love or law?

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SAN FRANCISCO (Reuters):
Getting married was a smart business move as well as a personal milestone for Facebook (FB.O) chief Mark Zuckerberg, with the timing of the wedding, the day after the company’s initial public offering, potentially proving particularly advantageous, California divorce lawyers said on Sunday.

Assuming the couple signed a prenuptial agreement, as most wealthy Californians do, Zuckerberg and Chan would have agreed exactly how to split assets, including his Facebook stock, if their marriage dissolved in future. Even without a prenup, the wedding’s timing would help establish the value of their assets in the event of any future divorce battle, lawyers said.

A spokeswoman for Facebook declined to comment on whether the couple signed such an agreement.

Priscilla Chan and Zuckerberg live together in the modest house in Palo Alto, Calif., where they were married on Saturday.

The couple met as undergraduates at Harvard University in 2004. Zuckerberg, now 28, dropped out of college to work on Facebook, while Chan, a pediatrician, stayed to earn her undergraduage degree in 2007.

Chan’s work led to Facebook creating an organ donation page. The pair recently travelled to China.

Had they continued the status quo, Chan could potentially lay claim to a much larger portion of assets, including a chunk of his $20 billion in Facebook shares, lawyers say.

“In California, people who live together without the benefit of marriage could claim they had an agreement to pool resources and efforts,” said Napa, Calif., lawyer Robert Blevans. Although they are hard to prove, “those claims can get really ugly.”

Blevans cited the case of Anthony Maglica, the founder of the company that makes Maglite flashlights. In 1994, an Orange County court awarded $84 million to Maglica’s girlfriend Claire, who took his name and lived with him for 23 years. Although an appeals court reversed the award in 1998, she later negotiated a $29 million settlement.

The same logic — avoiding messy court fights — enters into the calculus of a prenuptial agreement.

“One of the primary reasons that wealthy people enter into prenups is to prevent the type of carnage that can come with divorce,” said Garrett Dailey, an appellate attorney in Oakland, Calif., “Better to sort it out in advance.”

FULL ARTICLE: http://finance.yahoo.com/news/zuckerbergs-post-ipo-wedding-smart-022814575.html

(Reporting By Sarah McBride; Editing by Ron Popeski)

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