A prenuptial agreement (also known as a prenup) is a legal document that couples sign before getting married. This document outlines how their assets would be divided in case of a divorce or separation. In Oregon, prenuptial agreements are binding, but they must meet certain requirements to be considered valid. This article will provide a sample prenuptial agreement for couples in Oregon and explain the legal requirements that must be met before signing.
Sample Prenuptial Agreement for Couples in Oregon
This is a prenuptial agreement made on [insert date], between [insert name of first spouse] and [insert name of second spouse].
1. Disclosure of Assets: Both parties agree to disclose all their assets and debts at the time of signing this agreement.
2. Distribution of Property: The parties agree that in case of separation or divorce, each will keep their separate property, as defined by Oregon law. The parties also agree that any property acquired during the marriage will be divided according to the following provisions:
a. The parties will have joint ownership of any property acquired during the marriage, including any increase in value of separate property caused by the efforts of the other party.
b. The parties will divide any joint property in a manner they deem fair and equitable and will negotiate in good faith to do so.
c. The parties acknowledge that any division of property must comply with Oregon law.
3. Waiver of Spousal Support: The parties agree to waive any right to spousal support in case of separation or divorce.
4. Modification or Termination of Agreement: This agreement may be modified or terminated only by written agreement signed by both parties.
5. Governing Law: This agreement will be governed by and construed in accordance with the laws of Oregon.
6. Entire Agreement: This agreement constitutes the entire agreement between the parties and supersedes all prior negotiations and understandings between the parties.
Requirements for a Valid Prenuptial Agreement in Oregon
In Oregon, a prenuptial agreement must meet certain requirements to be considered valid:
1. It must be in writing.
2. It must be signed by both parties.
3. It must include a statement of assets that each party has disclosed to the other.
4. It must be entered into voluntarily by both parties, without coercion or duress.
5. It cannot be unconscionable at the time it is signed.
6. It must be executed before the marriage takes place.
Conclusion
A prenuptial agreement can be a valuable tool for couples who want to protect their assets in case of separation or divorce. However, it is important to consult with a lawyer experienced in family law in Oregon before signing a prenuptial agreement. A lawyer can help ensure that the agreement meets all the legal requirements and is fair to both parties.