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The Ins and Outs of a Prenuptial Agreement

Obtaining a prenuptial agreement can be one of the best financial decisions someone makes in their entire lifetime. A valid prenuptial agreement can protect virtually any asset. The following is a partial list of assets that a prenuptial can protect:

1. Equity in real property

2. Retirement accounts

3. Brokerage accounts

4. Future or present inheritances.

Once again, this is not meant to be a complete list of assets that a prenuptial agreement can protect, just a sampling.

Without a prenuptial agreement in place it is possible that your assets will be subject to an equitable division, should divorce occur. In other words, your future partner could be entitled to up to half of your assets.

In Oregon there are several legal steps you need to take in order to make the terms of the prenuptial agreement valid and enforceable.

1. The agreement must be in writing. Oral agreements or oral modifications to a prenuptial are not enforceable.

2. Both parties should have independent legal counsel. That is, each party should have unassociated attorneys to advise them of their respective rights with regards to the terms of the prenuptial.

3. The agreement should be signed at least 30 days in advance of the wedding. This requirement effectively eliminates a parties’ ability to challenge the prenuptial based on surprise.

4. Bother parties to a prenuptial have a duty to disclose all assets that they intend to protect and their estimated value. If you are unclear about the value of a specific asset it is advisable that you overestimate rather than underestimate the value of the asset.

The law firm of Bobzien McGuire can help guide you through the process of creating a valid and legally enforceable prenuptial agreement. Call 503-245–0894 for more information about this process.

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