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Prenuptial Agreements and Estate Planning

  • November 11, 2020

Prenuptial agreements are valid and enforceable in Oregon. We often advise clients to have one in place should they have children from a previous relationship or this union won't function as the first.

Furthermore, in the event, the parties have substantial separately owned assets obtained before their union they might wish to think about getting one set.

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Prenuptial Agreements and Estate Planning

A properly drafted "prenup" will normally supply a formulation for determining spousal support and also have provisions detailing the way the parties desire to split independently owned property and jointly owned land.

The arrangement should always have a program attached to it which correctly lists each party's independent land and some other jointly owned land they have obtained before their union.

It is best if the two parties also do their own estate planning in precisely the exact same time they're functioning on a prenup. Normally both parties have different lawyers representing these lawyers have a fantastic grasp on every party's strengths and their supply objectives.

But, oftentimes the parties will probably property planning until a subsequent date. The issue with waiting is that many folks put off estate planning until after they're wed.

By way of instance, the couple implements a joint revocable living trust that claims that all of the joint property is recorded in a program after the trust. The program lists each of the couple's home, for example, their individually owned land.

As a result, the parties could have ruined the prenuptial agreement and left it ineffective. Years in the future, the parties can decide they wish to divorce.

By moving all their property into the confidence and titling the land from the title of the hope, the parties might have inadvertently converted individually owned assets into collectively owned assets.

Irene Kelly

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