Planning a wedding in Oregon and elsewhere around the country often elicits romantic images and feelings of everlasting love. However, many experts are recommending that couples thoroughly discuss their financial situation prior to tying the knot. In fact, many suggest that couples get prenuptial agreements to avoid potential issues in the future.
While discussing the possibility of a divorce or death in the future is not pleasant, it is better to deal with the issues while emotions are not strained. A family and matrimonial law attorney offered explanations of different types of agreements that couples may elect to develop. These include prenuptial agreements, sunset clauses and postnuptial agreements.
First, a prenuptial agreement is a contract that couples enter into before getting married. It addresses how the couple’s assets and liabilities will be handled in the event of death or divorce. While every possible scenario in the future cannot be addressed, it is important to deal with as many issues as possible.
A sunset clause is often included in prenuptial agreements. It is basically a means to state that situations can change and that the prenup can be reevaluated and updated. This is crucial because terms that were fair and reasonable in the past may not be appropriate after several years of marriage. In addition, a postnuptial agreement is a contract developed after the couple is married. The same issues are addressed, only the timing of the agreement comes after the marriage has already occurred.
In many relationships, a prenuptial agreement is recommended. An existing agreement may need to be updated with a sunset clause or a married couple may need to develop a postnup. An Oregon divorce lawyer can provide assistance with any of these documents. A knowledgeable attorney will gather the appropriate information and recommend the bests action to meet a client’s needs.
Source: brides.com, “The Prenuptial Agreement, Post-nuptial Agreement, and Everything In-Between“, Jaimie Mackey, May 24, 2017