An Oregon prenuptial agreement is a contract that manages property and assets before marriage, mainly to address divorce or a spouse’s death. It separates each party’s finances to protect against shared debts and asset loss upon marriage dissolution.
Legal Considerations
Laws:
- § 108.700 – Definitions for ORS 108.700 to 108.740
- § 108.705 – Agreement to be in writing
- § 108.710 – Subjects of agreement
- § 108.715 – Agreement effective upon marriage
- § 108.720 – Modification of agreement
- § 108.725 – Party may prove agreement unenforceable
- § 108.730 – Effect of void marriage
- § 108.735 – Statute of limitations
- § 108.740 – Short title
Signing Requirements: Both spouses must sign the document, and it is advised to have the signatures notarized (§ 108.705).
Dividing Property: Equitable Distribution (§ 107.105(f)).
Can a Prenup Determine Child Custody and Child Support in Oregon?
In Oregon, prenuptial agreements cannot determine future custody or support for children, whether born or unborn. The law mandates that both parents and judges prioritize the child’s best interests in any custody decision.
As a result, the court will disregard custody provisions in a prenuptial agreement. However, a judge may issue a custody order that aligns with the prenuptial agreement if it benefits the child’s best interests (§ 107.137).
Enforceability of Prenuptial Agreements
Oregon follows the Uniform Prenuptial Agreement Act (UPAA), setting forth criteria for a prenuptial agreement’s enforceability. While most premarital contracts are enforceable, exceptions include cases of coercion, lack of fair disclosure of assets or debts, or extreme unfairness at the time of signing.
Alimony terms may be overturned if they lead to one spouse needing public assistance, though not all disparities in financial allocation are considered unconscionable. For instance, an agreement that favored one spouse significantly in terms of property distribution was upheld in Oregon, indicating the court’s balanced approach to fairness in prenuptial agreements.
Divorce Asset Types: Separate and Joint
In Oregon divorces, asset division involves two main categories: separate and joint assets, each with distinct rules.
Separate Assets: Ownership Before Marriage
Separate assets include property owned before marriage or received as gifts or inheritance. These usually stay with the original owner but can blur with marital assets in long-term marriages.
Joint Assets: Acquired During Marriage
All property acquired during marriage is considered joint, with equitable distribution assumed regardless of who holds the title. Spouses can negotiate their division, with courts generally upholding fair agreements.
