Practice Areas




Contact



Wendell L. Belknap
411 5th Street
Oregon City, OR 97045

Tel: 503-657-8946
Fax: 503-655-2775

Email Wendell
wendell@belknaplaw.com

Website:
www.belknaplaw.com

Prenuptial & Postnuptial Agreements


A Prenuptial Agreement is a contract entered into prior to marriage between persons who intend to marry one another. The purpose of a Prenuptial Agreement is to define the rights and responsibilities of the parties by setting forth in this contract who is entitled to which assets or property, who will pay what debts, whether spousal support will be paid, as well as other matters which would otherwise be considered by a court upon the termination of the marriage. Most often, the parties use a Prenuptial Agreement to spell out these rights and responsibilities in the event their marriage is terminated by way of death or divorce.

A Prenuptial Agreement is not always necessary or appropriate. For example, a Prenuptial Agreement is not necessary for a young couple who have few assets or no children and who plan to marry early in life. However, a Prenuptial Agreement is probably necessary and appropriate when the parties are marrying later in life, when there is a substantial disparity in their incomes, assets, and/or debts, or if there are children involved.

I hear some clients say that they do not like Prenuptial Agreements because it makes them feel like they are planning for their marriage to fail. That line of thinking is short sighted. Many people buy disability insurance, but you never hear anyone say that this means they are planning to become disabled. Since nearly one-half of all marriages end in divorce, it is prudent to prepare a contract that sets forth the rights and responsibilities of the parties in the event the marriage fails. That is particularly true in the later-in-life marriages where one or both of the parties have developed a separate estate. Under these facts, a Prenuptial Agreement is wise and I recommend them. Negotiation and preparation of a Prenuptial Agreement are more complicated than they might sound, however, and both parties to this contract should be represented by attorneys.

Please feel free to contact me should you wish to discuss whether a Prenuptial Agreement is advisable for you.

While a Prenuptial Agreement is a contract entered into prior to marriage by parties who wish to predetermine how rights and responsibilities will be allocated between them in the event their marriage is terminated, a Postnuptial Agreement is a contract entered into by the parties after they are married to one another, but otherwise for the same purpose. Postnuptial Agreements are also allowed and treated as valid, enforceable contracts. As with a Prenuptial Agreement, negotiation and preparation of a Postnuptial Agreement are more complicated than they might sound, however, and both parties to this contract should be represented by attorneys. Please feel free to contact me should you wish to discuss whether a Postnuptial Agreement is advisable for you.