By Keith F. Carr, Esq.
Although Facebook stock has fallen in the last several weeks, by now you may have heard of the curious turn of events with its CEO Mark Zuckerberg and his new bride, Priscilla Chan. Prior to their marriage (by one day), Facebook stock came on the stock market. Did Zuckerberg plan this? Most experts agree (including myself) that by timing the IPO one day before marriage, the shares remained Zuckerberg's own separate property under California law. Arguably then, from the time of his marriage on, they will remain his own separate property. Profits from the sale of the shares should also remain Zuckerberg's own separate property. Did he plan this? It's hard to believe that Zuckerberg agreed to an 11th hour wedding just to keep from sharing his assets. So, Maybe not, but it is very coincidental. Of course, if the marriage lasts, the community nature of the shares may always be changed by agreement of the parties.