ANCHOR LEAD: This time of year is the high season for people making marriage proposals. But getting married is a lot more than making a promise of love for better or worse. Bobbi Owens has more. (:59)
SCRIPT: Lifestyles, I'm Bobbi Owens. Although born out of love, in the eyes of the law, marriage is a legal contract. Larry Bodine is a Lawyer and Editor in Chief of Lawyers.com. Larry, let's start at the beginning, what happens to the ring if you break off the engagement?
CUT: (Bodine) In the majority of states, an engagement ring is considered a conditional gift that is given in contemplation of marriage. So if there is no wedding, the person who got the ring has to give it back.
SCRIPT: When is it necessary to have a prenuptial agreement?
CUT: (Bodine) Prenuptial agreements are misconceived as something that are just for wealthy people. They actually come up in a lot of ordinary circumstances. If there's an heirloom that you want to keep in the family, or if you want to provide separate assets for some elderly parents, or if you are the part owner of a business. That's when a prenuptial agreement makes sense.
SCRIPT: To find out more about prenuptial agreements, legal issues if both parties have been married before and more, log onto Lawyers-dot-com. That's Lifestyles from Lawyers.com. Bobbi Owens.
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