People in Oregon considering marriage may not want to think about divorce when they are preoccupied with romantic plans for the future. In addition, many people think of prenuptial agreements as solely a matter for extremely wealthy people or celebrities. However, a growing number of people across the country are choosing prenups for themselves before they marry. There are many reasons why more people are considering prenuptial agreements and why they may be a good idea for people of all financial backgrounds. In particular, many people today marry after they have established careers or bought real estate of their own, a change from people marrying as they just start off in life.
In addition, people may come to the marriage with existing children from a former relationship that they may want to ensure are properly protected. All of these – and more – are good reasons why people may want to agree among themselves about how their property is to be treated later on in case of a divorce. Family courts make a distinction between separate property, that belongs to one party, and marital property, subject to property division. In general, the things that people bring to the marriage are considered separate property, while assets obtained during the marriage are considered marital.
However, the way people deal with their property can lead some separate items to be later subject to property division in a divorce. A prenup allows people to define how their property will be treated later on and may exempt some items from the asset division process.
A prenup should not benefit one party only; indeed, to be upheld, both parties might need to be represented by a lawyer and receive benefits from the agreement. A family law attorney may be able to help a person planning to marry to develop a fair, strong prenuptial agreement.