The 101 on Prenuptial Agreements

Prenuptial agreements used to have a negative stigma amongst people in Oregon and elsewhere, but this stigma is fading. Now, many couples especially couples with significant assets understand that a prenuptial agreement is simply a good way to protect your interests should your marriage not last.

Prenups and Finances

A prenuptial agreement is essentially a contract between soon-to-be spouses that outline their financial interests should they divorce, as well as addressing issues that may come up during their marriage. Prenups generally deal with financial issues such as property division and alimony. One thing prenups cannot touch are issues involving children. Prenups cannot address child support or other rights related to children.

Fairness Matters

One thing that is essential in a prenup is that it is fair. A prenup must be fair to both parties to be enforceable. A prenup that was rushed into right before the wedding day or that unfairly favors one party over the other may ultimately be unenforceable. Couples must also be honest. All their assets and debts must be made known at the time the prenup is drafted. Hiding assets is not allowed.

Retain an Attorney

It is useful for both sides to a prenup to retain their own attorneys and some states make doing so mandatory. By having your own attorney looking after your interests, you can ensure the ensuing document reflects your needs and interests should you divorce. A prenup can also include provisions stating you and your partner will try to resolve your dispute through mediation or other alternative dispute resolution processes should your marriage end in divorce.