What is a prenup and when should you consider it?
What is a prenup and when should you consider it? A prenuptial agreement is a tool that we use in order to try to mitigate damages and or control the outcome of a possible disillusion. And one thing that people generally forget about is what happens if a spouse dies. Prenuptial agreement can also define some of the meets and bounds of what may happen in that situation. Prenuptial agreements in Oregon are upheld on a regular basis, but they can be confusing.
I would say a full 50% or more of the clients who come in seeking a prenuptial agreement actually need some other manner of legal services in order to protect their rights, or they're interested in what would be an equitable distribution. It's important to know that if you execute a prenup, it may be in effect for much longer than you anticipated. If you so choose, we can put a sunset provision in there that says after ten or 15 years, it expires. One of the things that we hate to see happen is if a prenup is drafted. If party sign it 40 or 45 years later, it may not be something that you any longer wish to have in effect. A prenup can protect your rights in divorce. It can protect your rights if either spouse should die or become incapacitated. But it's very important that you're very strategic in what goes into a prenuptial agreement and be very specific on if it should terminate at some point in the future.