A prenuptial agreement is a legally binding agreement that outlines how an Oregon couple will divide marital property in case a marriage ends in divorce. It can also address financial responsibilities over the course of the marriage and more, yet many couples forgo this form of legal protection. While it may not seem like a romantic prospect, having a prenuptial agreement can be beneficial for you.
Most couples can benefit from the protections provided by a strong prenuptial agreement. If you think this could be a beneficial step for you, you will find it useful to understand what you can and cannot include in your contract. This can help you draft an agreement that will withstand scrutiny in the event of a dispute.
What can you include in your prenuptial agreement?
It is possible to custom tailor a prenuptial agreement to suit your individual needs and objectives. There is no one-size-fits-all solution to these contracts, but there are specific guidelines regarding what can and cannot be included. Some of the things you can put in your agreement include the following:
- The distribution of marital property in the event of a divorce
- What property is separate and ineligible for division in a divorce
- The financial responsibilities of each spouse during the marriage
- Protection from leaving the marriage with an unfair amount of debt
There are some specific things that you will not be able to include in your prenuptial agreement. Some of these include:
- Child support or child custody provisions
- Anything that could be illegal or inappropriate
- One party waiving his or her right to alimony
Prenuptial agreements are appropriate for couples of all income levels, but they can be especially appropriate in situations in which one party owns a business, there is a lot of money at stake or it is a second or subsequent marriage.
The importance of correctly drafting your agreement
If you are considering the benefits of a prenuptial agreement, you would be wise to take action to accomplish this before you marry. Additionally, you will find it beneficial to seek guidance in order to ensure you include the appropriate terms in your agreement to give you full protection and security.
A complete evaluation of your case can help you understand how you can protect your future interests with a thoughtful, carefully drafted prenuptial agreement. Regardless of wealth, income level or financial prospects, this could be a prudent course of action for you.